ABU DHABI: Abu Dhabi National Energy Co (Taqa) has bought a 53.2 percent operating interest in an oil block in Iraqi Kurdistan from General Exploration Partners (GEP), the company said. GEP is a joint venture between privately-held Aspect Energy, which owns a 66.5 percent interest, and a subsidiary of Canadian group ShaMaran Petroleum.
“This entry into a pure exploration play demonstrates how Taqa is leveraging its experience as an operator of complex oil and gas assets,” said Taqa CEO Carl Sheldon. Earlier this year, Taqa bought a 50 percent stake in Kurdish power plant Chamchamal. Taqa said on Friday that it had sold its 19.9 percent share in WesternZagros Resources, which has contracts for two blocks in the Iraqi Kurdish region.
Reuters
