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TAQA wants Kurdistan oil stake

14 Nov 2012
Industry sources said, Abu Dhabi National Energy Co (TAQA) is all set to buy a share by taking majority interest in General Exploration Partners (GEP) in an oil field in Kurdistan. GEP is a joint venture between Aspect Energy and ShaMaran Petroleum. Aspect Energy is privately-held, owns a 66.5 percent interest and ShaMaran Petroleum is a Canadian group, and owns the rest. According to industry sources TAQA was close to purchasing Aspect Energy’s share of GEP but it is still unclear whether ShaMaran would sell its interest or not. Industry source said, "I do not know that the deal is done yet, but it is all but done". Since 1991, Kurdistan is treated as one of the main frontiers for onshore oil exploration, has signed deals with international giants like Exxon Mobil, Chevron and Total. Unfortunately Baghdad went angry for those deals and cancelled oil contracts offered by the Kurdistan region's government and has blacklisted some of the companies. Carl Sheldon, TAQA CEO told in an interview, "We like Iraq, there's a range of opportunities in the Kurdish region". Earlier this year, TAQA has invested USD 46.6 million in WesternZagros Resources to acquire 19.9 % of the company and later on bought 50 % share in Kurdish power plant Chamchamal. GEP did not comment. An Abu Dhabi source termed the deal as "imminent", but did not provide any further details. GEP has an 80 % share in the Atrush block in Kurdistan which produces 42,200 barrels of oil per day. Marathon Oil Corp has the other 20 percent stake. Source: [Reuters]
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