The Abu Dhabi National Energy Company (TAQA) has signed an agreement to acquire 53.2 per cent interest in the Atrush block in the Kurdistan Region of Iraq from Aspect Holdings affiliate General Exploration Partners
The acquisition will be funded from corporate resources and will be expected to close in December 2012. Subject to consent by the partners and the Kurdistan Regional Government, TAQA will aim to become operator of the block, the company said in a statement.
Carl Sheldon, chief executive officer of TAQA, said, “Atrush is a highly prospective block in a new growth area with significant upside potential.
“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 (MENA), and to become an operator of scale in the markets we choose to compete in.”
In April 2012 TAQA announced its agreement to acquire a 50 per cent interest in the 1,000MW Sulaymaniyah gas-fired power plant in the Kurdistan Region of Iraq.
The Atrush acquisition adds a new MENA dimension to TAQA’s operated oil and gas business, which is currently focused on North America, the United Kingdom and the Netherlands, TAQA said in a statement.
David Cook, executive officer and head of oil and gas at TAQA, said, “The addition of Atrush to TAQA’s oil and gas portfolio is perfectly in line with our growth strategy. This opportunity builds on our capabilities, and underscores our ability to evolve TAQA’s operating position in the MENA region.”
