The Abu Dhabi National Energy Company, known as TAQA, which is owned by the government of the Emirate of Abu Dhabi, decided to sell its share in the Atrush oil field in Iraqi Kurdistan, 10 years after purchasing the share and operating in the region.
The company has finally agreed with General Exploration Partners to sell all of its stake in the oil field, but the deal remains subject to third-party approvals.
It is noteworthy that Abu Dhabi Company had purchased a 53.2% operating stake in the oil field for $600 million from General Exploration Partners in January 2013, and currently owns a 47.4% stake in the field.
The Kurdistan Regional Government of Iraq and General Exploration Partners hold stakes of 25% and 27.6%, respectively.
It is noteworthy that the field located near Erbil had produced about 50 thousand barrels of oil equivalent per day, at the end of 2019, and last year.
The Emirati company “Taqa” has reviewed its growth goals to enhance the size of its asset base, as it committed 75 billion dirhams ($20.4 billion) in infrastructure investments in light of the growth in profits.
