DUBAI - Abu Dhabi National Energy Co., better known as Taqa, has completed its purchase of a 53.2% stake in an energy block in Kurdistan for about $600 million.
Taqa announced its acquisition of the Atrush block stake on December 1 and completed it on December 31, a company spokesman said.
Atrush is an oil exploration block that is expected to begin production this year with Taqa as its operator. There could also be opportunities in gas-fired power generation and gas consolidation for export, the spokesman added.
Taqa bought the stake from General Exploration Partners, Inc. It was the first time the company has bought an operating interest in an oil and gas project in the Middle East, according to the spokesman.
The company's assets and operations currently are focused in North America, the Netherlands and the United Kingdom, but it is trying to expand its reach in the Middle East and North Africa.
Copyright (c) 2012 Dow Jones & Company, Inc.
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