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Taqa to sell entire stake in Kurdistan oilfield

Crude oil drips from a well Taqa Kurdistan oil Reuters
Capital expenditure stood at AED5.1 billion for 2023, 34 percent higher year on year
  • ShaMaran to buy Atrush
  • Value of deal not disclosed
  • Produces 1% of Iraq’s output

Abu Dhabi National Energy Company (Taqa) has agreed to sell its entire stake in the Atrush oilfield in Iraqi Kurdistan to Canada’s ShaMaran Petroleum.

Through its subsidiary Taqa International, the company has entered into a definitive agreement with ShaMaran subsidiary General Exploration Partners (GEP), Taqa said in a filing to the Abu Dhabi Securities Exchange on Monday.

The value of the deal was not disclosed and the transaction remains subject to obtaining third-party approvals.

Taqa bought a 53 percent operating interest in the Atrush block for $600 million from GEP in 2013. It now holds a 47 percent interest in the block while the Kurdish region’s government owns 25 percent and GEP has 28 percent.

Atrush is a conventional field located onshore in Iraq and operated by Taqa Atrush. The field accounts for approximately 1 percent of the country’s daily output.

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