Abu Dhabi National Energy Company PJSC (TAQA) has acquired a 53.2% interest in the Atrush block in the Kurdistan region of Iraq from General Exploration Partners, Inc., an affiliate of Aspect Holdings.
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.”
The acquisition of the block which TAQA aims to operate is expected to close in December 2012, subject to consent by the partners and the Kurdistan Regional Government.
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 closely follows TAQA’s disposal of its stake in WesternZagros. TAQA purchased 74 million common shares in WesternZagros for a total of CDN$46.6 million in October 2011 and sold its interest in a single block trade prior to the opening of the TSX Venture Exchange on 30 November for a total consideration of CDN$85.1 million. Prior to the disposal, TAQA held 17.98% of WesternZagros’ issued and outstanding common shares.
