• 01 Dec 2012
  • Iraq

TAQA acquires operating interest in Kurdistan block

Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (“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, Inc., an affiliate of Aspect Holdings, LLC.Carl Sheldon, Chief Executive Officer of TAQA, said: “Atrush is a highly prospective block in a new growth area with significant upside potential. 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 (MENA), 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 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.”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.- ENDS –
 Contact Information for Media:Abu Dhabi
Thomas Ashby
GVP Corporate Communications
Tel +971 2 691 4802Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqa.comAbout TAQAEstablished in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA’s power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA’s oil and gas business includes exploration and production, underground gas storage and pipeline transportation.Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.For more information about TAQA visit: www.taqa.com or Twitter: @TAQAGLOBAL

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