Abu Dhabi's TAQA sells its oil field stake in Kurdistan Region of Iraq
Utility powerhouse decides to exit in full from Atrush oil field
Dubai: The Abu dhabi utility and energy company TAQA is selling all of its stake in the Atrush oil field in the Kurdistan Region of Iraq.
This has been confirmed by TAQA, (or Abu Dhabi National Energy Company) in a statement on ADX. The disposal of interests will be through its wholly-owned subsidiary, TAQA International BV.
The latter has 'entered into definitive agreements with General Exploration Partners Inc. to sell all of its interest' in the KRI oil field.
TAQA had been talking of disposals of non-core interests in the past, even as it sought to get into new overseas markets - such as Saudi Arabia - whether through direct investments or via equity stakes. (The TAQA stock is trading at Dh3.19 on ADX.)
As for GEP, it is engaged in the exploration, development and production of crude oil and natural gas reserves in Iraq. The company, which is based in George Town, the Cayman Islands, is a subsidiary of ShaMaran Ventures B.V.