TAQA Buys Operating interest in Kurdistan Block

Abu Dhabi National Energy Company (TAQA) has signed an agreement to acquire a 53.2% interest in the Atrush block in the Kurdistan region of Iraq from General Exploration Partners.

Earlier this year, TAQA announced its agreement to acquire a 50% interest in the 1,000 MW 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 produced in excess of 134,400 barrels of oil equivalent per day during the first nine months of 2012.

David Cook, Executive Officer and Head of Oil & Gas, 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.”