A state-controlled energy investment company in Abu Dhabi said it has secured a deal to search for oil in Iraq’s autonomous Kurdish region, according to the Daily Star newspaper.
An agreement was signed between Abu Dhabi National Oil Co. (known as Taqa) and the General Exploration Partners Inc., an affiliate of the Denver-based Aspects Holdings LLC., to buy its 53.2 percent stake in the Atrush exploration deal, added the Daily Star.
"Atrush is a highly prospective block in a new growth area with significant upside potential," Taqa Chief Executive Officer, Carl Sheldon, said in the statement to the Lebanese Daily Star.
The Atrush block is located near Dahuk province, one of three provinces that make up the oil-rich Kurdish region in the country’s north.
Taqa is the sixth largest global independent power producer in the world. It also provides 98 per cent of the water and electricity requirements of the Emirate.