TAQA receives approval for oilfield development in Kurdistan region of Iraq

TAQA receives approval for oilfield development in Kurdistan region of Iraq

2013-10-07 11:12:39
WAM ABU DHABI, 7th October, 2013 (WAM) — TAQA, the international energy company from Abu Dhabi, has received approval from the Kurdistan Regional Government (KRG) for the first phase in the development of the Atrush Block in the Kurdistan region of Iraq.
The TAQA-operated Atrush Block, located 85 km northwest of Erbil, is expected to initially produce approximately 30,000 barrels of oil per day (bpd) with first oil expected by early 2015.
“The Kurdistan region of Iraq is an exciting exploration frontier and has tremendous potential,” said David Cook, Executive Officer and Head of Oil ‘&’ Gas at TAQA. “Through the Atrush development, TAQA is delighted to be part of the economic progress and growth in the region.” “It is our ambition to build an integrated business in the Kurdistan Region of Iraq including potential power and water projects in addition to oil and gas infrastructure developments.” The company plans to invest more than $300 million in Phase I in drilling three production wells and the construction of a central processing facility. TAQA and its partners have an active drilling programme on the Atrush Block and are continuing to appraise the area for further development.
Discovered in 2011, the Atrush field is expected to provide long-term benefits to the region and the community. The approval of the Field Development Plan by the KRG provides for a 25-year period during which TAQA and its partners expect to maximise recovery of the oil resources.
TAQA’s Managing Director in Iraq, Leo Koot, said: “This opportunity allows us to utilise our world-class expertise and capabilities gained through the management of complex projects around the globe. We are confident that progress achieved in our Atrush operations will provide a vital contribution to the future economy of the Kurdistan region of Iraq. We are delighted to be working closely with our partners in the KRG, the Ministry of Natural Resources, ShaMaran, and Marathon to develop this project.” The Atrush partners are continuing appraisal activities. Subject to the outcome of this appraisal and KRG approval, the Phase 2 development is expected to include another 30,000 bpd production facility. TAQA and its partners will also evaluate the feasibility of producing associated natural gas for delivery to the domestic market.
TAQA is currently preparing to drill the fourth well on the Atrush block.
WAM/AM

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