Gulf News reported that Abu Dhabi National Energy Company has signed an agreement to acquire 53.2% interest in the Atrush block in the Kurdistan region of Iraq from General Exploration Partners Inc, an affiliate of Aspect Holdings, LLC for an undisclosed sum.
The acquisition will be funded from corporate resources and is expected to close in December 2012. Subject to consent by the partners and the Kurdistan Regional Government, TAQA aims to become operator of the block.
A spokesman for TAQA said that we expect production to start in the Atrush block during 2013. The value of the deal is being kept confidential. Atrush is a highly prospective block in a new growth area with significant upside potential. Two wells have been drilled to date, AT-1 and AT-2. The results are very encouraging. This is an oil field but opportunities to act as a gas consolidator for export or power generation also exist.
Mr Carl Sheldon CEO of TAQA said that "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 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% interest in the 1,000 MWSulaymaniyah gas fired power in the Kurdistan region of Iraq. Atrush acquisition adds a new Mena dimension to its operated oil and gas business, which is currently focused on North America, the United Kingdom and the Netherlands. TAQA produced in excess of 134,400 barrels of oil equivalent per day during the first 9 months of 2012.