The Abu Dhabi national energy company Taqa is ready to invest approximately $1.2bn to develop the key Atrush oil and gas block in the Kurdistan region of Iraq.
The company secured approval from the Kurdistan Regional Government (KRG) to carry out the development in late 2013.
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The first phase of the project is expected to launch in early 2015 with an investment of more than $300m to develop the block.
Initial oil production from the project is expected to be 30,000 barrels per day (bpd).
The project’s second phase is subject to further KRG approval following field appraisals. Production would double to 60,000bpd and the well would also produce gas for the domestic market.
In four years, the project is scheduled to produce between 100,000 bpd and120,000 bpd of oil.
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By GlobalDataTaqa holds a 39.9% share in the project consortium, while Kurdish ShaMaran Petroleum owns 20.1%, Marathon Oil in the US holds 15% and KRG holds 25%.
Taqa operates in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the UAE, the UK and the US.
The UAE has ambitiously pursued business in Kurdistan in recent years, which has already begun independently exporting crude oil directly to Turkey.
Image: Taqa will invest more than $300m in the project’s first phase to develop the block. Photo: courtesy of Victor Habbick/FreeDigitalPhotos.net.
