Abu Dhabi acquire oil privilege share in Kurdistan
Wednesday, 02 January 2013 13:42
Shafaq News / National Abu Dhabi for Energy Company acquired 53.2 percent in Atrush oil privilege in Kurdistan for $ 600 million from General Exploration Partners (G. E.P).
The spokesman, Basem Taqa said that it is expected to start production in 2013 and the acquisition process will be funded from “the company's resources."
G.E.P is a joint project between Aspect Energy, which owns 66.5 percent in it and the remaining share is owned by a unit of the Canadian group Shamaran Petroleum Corp.
The acquisition process represents the first time that an energy company based in Abu Dhabi runs a project for oil and gas in the Middle East.
The spokesman of the company said that “our expansion strategy include the Middle East and North Africa."
Kurdistan Region signed agreements with foreign companies such as Exxon Mobil, Chevron and Total.
But these deals have angered the federal capital Baghdad, which refuses these oil contracts, concluded by Kurdistan Regional Government and consider it as illegal as it put some of the companies on the blacklist.