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[size=35][size=35]After 10 years of work.. an Emirati oil company sells its stake and leaves the fields of Kurdistan[/size]
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01-22-2024 | 02:10
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Al Sumariya News - Local
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The company said today, Monday, in a filing to the Abu Dhabi Securities Market, that the company has entered into a final agreement with General Exploration Partners to sell all of its stake in the oil field, while it did not provide further details, but said that the deal remains subject to third-party approvals, according to Reuters.
The company purchased a 53.2 percent operating stake in the oil field for $600 million from General Exploration Partners in January 2013.
It currently owns a 47.4 percent stake in the field, while the Kurdistan Regional Government of Iraq and General Exploration Partners hold 25 percent stakes. percent and 27.6 percent, respectively.
The field, located near Erbil, produced about 50,000 barrels of oil equivalent per day by the end of 2019.
Last year, TAQA reviewed its growth goals to boost the size of its asset base, committing 75 billion dirhams ($20.4 billion) in investments in Infrastructure amid healthy earnings growth.
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Economy
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01-22-2024 | 02:10
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Al Sumariya News - Local
Abu Dhabi National Energy Company, known as TAQA and owned by the Abu Dhabi government, is preparing to sell its stake in the Atrush oil field in Iraqi Kurdistan, 10 years after purchasing the stake and operating in the region.
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0 seconds of 0 seconds Volume 0%
[/ltr]
The company said today, Monday, in a filing to the Abu Dhabi Securities Market, that the company has entered into a final agreement with General Exploration Partners to sell all of its stake in the oil field, while it did not provide further details, but said that the deal remains subject to third-party approvals, according to Reuters.
The company purchased a 53.2 percent operating stake in the oil field for $600 million from General Exploration Partners in January 2013.
It currently owns a 47.4 percent stake in the field, while the Kurdistan Regional Government of Iraq and General Exploration Partners hold 25 percent stakes. percent and 27.6 percent, respectively.
The field, located near Erbil, produced about 50,000 barrels of oil equivalent per day by the end of 2019.
Last year, TAQA reviewed its growth goals to boost the size of its asset base, committing 75 billion dirhams ($20.4 billion) in investments in Infrastructure amid healthy earnings growth.
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