Skip to content Skip to Search
Skip navigation

Taqa to sell entire stake in Kurdistan oilfield

By Eva Levesque
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.

Latest articles

Migrants attempting to reach Italy from Tunisia. About 270,000 so-called irregular migrants arrived in the EU via sea crossings last year

EU reveals total aid to North Africa to combat migration 

The European Union provided €673 million ($718 million) in funding to four North African countries from 2021-23 to help the quartet reduce what it calls irregular migration to the 27-member bloc, official data shows. Last year about 270,000 “irregular migrants” arrived in the EU via sea crossings, 64 percent more than in 2022. Crossings from […]

The SPA report highlighted a number of metrics as being on target, including home ownership of 53.7 percent

Third of Vision 2030 projects ‘completed’ government says

One third of 1,064 planned projects have been completed so far under the Vision 2030 economic transformation plan, the Saudi government said in its annual progress report on the reform programme.   The report also said 561 initiatives were on track, according to the state-owned Saudi Press Agency, publishing its major findings. It was not […]

Tawfik Alzaidi

Saudi director’s labour of love takes the kingdom to Cannes

For the first time a Saudi film has been selected to compete in the Cannes film festival, catapulting its little-known self-taught director into the limelight. Tawfik Alzaidi was so surprised that he’d managed to break through to the big time that he kept the news that his film Norah had been accepted for the ‘Un […]

Joby Aviation's CEO JoeBen Bevirt (2nd left) at the signing of a multilateral agreement with the three Abu Dhabi government departments

Abu Dhabi signs multiple deals to launch air taxi services in 2025

A commute from Abu Dhabi to Dubai could take only 30 minutes next year, with the introduction of air taxi services significantly slashing travel time between the emirates. The electric aircraft manufacturer Joby Aviation signed agreements this week with Abu Dhabi’s Department of Municipalities and Transport, Department of Economic Development and Department of Culture and […]