TAQA completes purchase of stake in Kurdistan Region of Iraq block

TAQA Iraq siteTAQA will act as operator of the Atrush oil exploration in the Kurdistan Region of Iraq. (Image source: TAQA)Abu Dhabi National Energy Company (TAQA) has completed its US$600mn acquisition of a 53.2 per cent operating stake in the Atrush oil exploration block in the Kurdistan Region of Iraq

A spokesman for TAQA said the firm completed the transaction on 31 December 2012, having initially announced the deal at the beginning of December.

The state-owned oil company purchased the stake in the Kurdistan block from General Exploration Partners in a deal that marks its first operating interest in an oil and gas project in the Middle East.

In December, TAQA CEO Carl Sheldon commented, “This entry into a pure exploration play demonstrates how TAQA is leveraging its experience as an operator of complex oil and gas assets.

"It fits our strategy to build on the UAE’s strong bilateral bonds in the Middle East and North Africa."

Production at the Atrush exploration block is expected to begin later this year.

READ MORE: TAQA to acquire 53.2 per cent in Kurdistan Region of Iraq oil block

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