TAQA has announced that it plans to invest more than US$300mn for the Phase 1 development of Atrush oilblock in the Kurdistan Region of Iraq
The Abu Dhabi-based energy firm has already received approval from the Kurdistan Regional Government (KRG) for a 25-year period.
In a statement, TAQA said, “In Phase I of the development of the Atrush block, TAQA would invest in drilling three production wells and the construction of a central processing facility.
“We spent US$600mn to acquire this asset towards the end of 2013. The first production starts not before 2015 and we are looking at an initial production of 30,000 bpd. Further down the line, in the second phase, another 30,000 bpd would be added.”
The TAQA-operated Atrush oilblock is located 85km northwest of Erbil.
David Cook, head of Oil & Gas at TAQA, said, “The Kurdistan Region of Iraq is an exciting exploration frontier and has tremendous potential. It is our ambition to build an integrated business in the region, including potential power and water projects in addition to oil and gas infrastructure developments.”
Discovered in 2011, the Atrush oilfield is expected to provide long-term benefits to the region and the community, the company added.
