- 07 Oct 2013
TAQA receives approval for oilfield development in Kurdistan region of Iraq
October 7, 2013, Abu Dhabi, United Arab Emirates – TAQA, the international energy company from Abu Dhabi, has received approval from the Kurdistan Regional Government (KRG) for the first phase in the development of the Atrush Block in the Kurdistan region of Iraq.The TAQA-operated Atrush Block, located 85 km northwest of Erbil, is expected to initially produce approximately 30,000 barrels of oil per day (bpd) with first oil expected by early 2015.“The Kurdistan region of Iraq is an exciting exploration frontier and has tremendous potential,” said David Cook, Executive Officer and Head of Oil & Gas at TAQA. “Through the Atrush development, TAQA is delighted to be part of the economic progress and growth in the region.”“It is our ambition to build an integrated business in the Kurdistan Region of Iraq including potential power and water projects in addition to oil and gas infrastructure developments.”The company plans to invest more than $300 million in Phase I in drilling three production wells and the construction of a central processing facility. TAQA and its partners have an active drilling programme on the Atrush Block and are continuing to appraise the area for further development.Discovered in 2011, the Atrush field is expected to provide long-term benefits to the region and the community. The approval of the Field Development Plan by the KRG provides for a 25-year period during which TAQA and its partners expect to maximise recovery of the oil resources.TAQA’s Managing Director in Iraq, Leo Koot, said: “This opportunity allows us to utilise our world-class expertise and capabilities gained through the management of complex projects around the globe. We are confident that progress achieved in our Atrush operations will provide a vital contribution to the future economy of the Kurdistan region of Iraq. We are delighted to be working closely with our partners in the KRG, the Ministry of Natural Resources, ShaMaran, and Marathon to develop this project.”The Atrush partners are continuing appraisal activities. Subject to the outcome of this appraisal and KRG approval, the Phase 2 development is expected to include another 30,000 bpd production facility. TAQA and its partners will also evaluate the feasibility of producing associated natural gas for delivery to the domestic market.TAQA is currently preparing to drill the fourth well on the Atrush block.- ENDS -For further information:Media
Taryam Al Subaihi
Head of External Communications
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
TAQA means energy in Arabic. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to run our company safely and sustainably, operating to the highest ethical standards. We are proud to align our strategy to Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Kurdistan region of Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.
TAQA acquired its interest in the Atrush block on December 31, 2012. The Atrush block is operated by TAQA Atrush B.V., a subsidiary of TAQA, which holds a 39.9% working interest. ShaMaran Petroleum Corp. holds a 20.1% working interest through its wholly owned subsidiary, ShaMaran Ventures BV (100% owner of General Exploration Partners, Inc.). Marathon Oil KDV B.V., a wholly owned subsidiary of Marathon Oil Corporation (NYSE: MRO), holds a 15% interest. The KRG holds a 25% working interest.