ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries worldwide, has started oil production at its Atrush Block in the Kurdistan region of Iraq.
Oil started flowing through the Atrush Central Processing Facility on 3rd July which has the capacity to handle up to 30,000 barrels of oil per day. The TAQA-operated Atrush Block is being developed with the Kurdistan Regional Government, ShaMaran and Marathon Oil.
Saeed Al Hajeri, TAQA Chairman, said: “Starting operations at Atrush is an important milestone for TAQA, its partners and the Kurdistan Region of Iraq. Atrush production will bring long-term cash flows to TAQA and we look forward to operating the asset with a commitment to the highest standards of health, safety and environmental protection.”
Saeed Al Dhaheri, acting Chief Operating Officer, TAQA added: “This achievement recognizes TAQA’s experience and capabilities in developing and operating complex oil and gas assets utilizing our global expertise.”
The Atrush field is located 85 km northwest of Erbil and is one of the largest new oil developments in the Kurdistan region of Iraq. It was discovered in 2011 and development started in 2013. Initial production is expected to ramp up to 30,000 barrels of oil equivalent per day in 2017.
AbdulKhaliq Al Ameri, TAQA’s Acting Project Director - Iraq, added: “It is an exciting time for TAQA. Our dedicated team comprised of Kurdish, Emirati and international professionals have come together to deliver this outstanding achievement through their combined world-class knowledge and experience.”
TAQA is the operator of Atrush and has a 39.9% working interest in the Production Sharing Contract. The other co-venturers are the Kurdistan Regional Government (25%), General Explorations Partners, Inc. (a wholly owned subsidiary of ShaMaran Petroleum Corp) (20.1%), and Marathon Oil KDV B.V. (15%).
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TAQA media relations:
Allan Virtanen, Head of Communications
Tel: +971 2 691 4894 | Mob: +971 56 685 2717
ABU DHABI, United Arab Emirates – TAQA, the Abu Dhabi National Energy Company, has promoted Suhail Al Shamsi, currently Head of Treasury Operations, to the role of Group Vice-President - Treasury and member of the company’s Global Management Team.
Commenting on the appointment, Saeed Al Dhaheri, Executive Vice-President Human Resources and General Services, said: “I look forward to working alongside Suhail as part of the Global Management Team. The fact that so many of our new leaders have been promoted from within the company reflects our long-term commitment to talent development and creating opportunities for top performers.”
Suhail Al Shamsi, a UAE national, started his career at TAQA as Head of Treasury Operations in 2010. In his new role, he succeeds Ryan Wong who was promoted to acting Chief Financial Officer in September 2014. As Group Vice-President - Treasury, Al Shamsi has responsibility for operational treasury including cash and liquidity management, and the corporate finance and funding functions.Al Shamsi has 20 years of finance sector experience and has held leadership positions at Senaat and Abu Dhabi Islamic Bank. He has an MBA from United Arab Emirates University and a bachelor's degree in Economics from Texas A&M University.
This latest appointment is part of the company’s ongoing strategy development process, which has a focus on enhancing Emiratisation efforts.
Abu Dhabi, United Arab Emirates – TAQA, the Abu Dhabi National Energy Company, has appointed Ryan Wong, currently Group Vice-President Treasury, to the position of acting Chief Financial Officer (CFO) effective 1 October.
Mr. Wong will replace Stephen Kersley, who held the role of CFO since May 2011 and has decided to leave the company effective 1 November 2014.
Ed LaFehr, Chief Operating Officer of TAQA, commented: “Steve led a significant upgrading of TAQA’s financial processes, systems, and treasury operations. We wish him well for the future and thank him for his service over the past years.”
Ryan Wong joined TAQA in 2008 and brings to the role 35 years of financial and treasury experience.
Abu Dhabi, United Arab Emirates - TAQA, the Abu Dhabi National Energy Company, has appointed Saeed Hamad Al Dhaheri to the position of Executive Vice President Human Resources and General Services.
Mr. Al Dhaheri has more than 12 years of experience from the human resource industry in Abu Dhabi. He joins TAQA from government-owned Abu Dhabi Media Company where he led the human resources, procurement and administration functions. Mr. Al Dhaheri has also served on the Board of Directors of United Printing & Publishing and previously held human resources leadership positions at Etihad Rail and Abu Dhabi Health Services Company - SEHA.
In June 2014, TAQA initiated a significant restructuring and strategy development process with a focus on enhancing Emiratisation efforts.
Abu Dhabi, United Arab Emirates – TAQA, the Abu Dhabi National Energy Company, has suspended its operations at the Atrush Block in the Kurdistan Region of Iraq.
As a result of recent developments and escalating instability around the Kurdistan Region of Iraq, TAQA has suspended operations at the Atrush Block and, as a precautionary measure, significantly reduced staffing levels.
TAQA continues to closely monitor the security situation with its Atrush partners and the Kurdistan Regional Government. The safety and security of the Company’s staff and contractors are of paramount importance.
TAQA remains committed to the development of the Atrush Block and expects to start production in 2015.
Erbil, Iraq - TAQA, the international energy and water company from Abu Dhabi, has formally opened its new office in Erbil, in the Kurdistan region of Iraq.
The office was inaugurated by His Excellency Abdulla Saif Al-Nuaimi, TAQA Vice-Chairman, in the presence of His Excellency Sinan Abdulkhalq Ahmed Çelebi, Minister of Trade and Industry; Mr. Nawzad Hadi Mawlood, the Governor of Erbil Province from the Kurdistan Regional Government, and His Excellency Rashid Mohammed Al Mansouri, Consul General of the United Arab Emirates in Erbil.
His Excellency Al-Nuaimi said, “This new office gives us a powerful tool to leverage and amplify the enormous skills of our professionals who bring expertise from across the globe to the exciting possibilities we see here. We look forward to a long and fruitful relationship with the Kurdistan Regional Government and our other partners in furthering the economic development of this region and the country.”
His Excellency Dr Ashti Hawrami, Minister of Natural Resources for the Kurdistan Regional Government: “We congratulate TAQA on the inauguration of their new office here in Erbil and welcome their continued activities to develop the promising oil and gas opportunities in the Kurdistan region of Iraq.”
His Excellency Al Mansouri said: "The presence of such a major UAE company like TAQA in the Kurdistan region of Iraq brings many significant benefits, most importantly towards the UAE’s commitment to strengthen relations with the Kurdistan Region. TAQA will also encourage other UAE companies to follow suit and seek opportunities here. We wish TAQA and the Kurdistan Region every success in further strengthening their mutually beneficial relationship”.
The new TAQA office features an open-plan design to boost productivity, innovation and creative team-driven approaches to the company’s business in the country. It is a workspace that reflects the highest standards of safety and design, delivering extra comfort to employees and a reduced carbon footprint.
Leo Koot, President of TAQA Iraq, said: “As we continue to move forward on our ambitious production schedule that anticipates delivering first oil by early 2015, this new office gives us a powerful tool to leverage and amplify the enormous skills of our professionals who bring expertise from across the globe to the exciting possibilities we see in Kurdistan.”
The inauguration was attended by TAQA’s partner companies in the Atrush Block, other oil and gas operators and leading members of the local business community.
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October 7, 2013, Abu Dhabi, United Arab Emirates – 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.
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For further information:
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TAQA means energy in Arabic. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to run our company safely and sustainably, operating to the highest ethical standards. We are proud to align our strategy to Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Kurdistan region of Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.
TAQA acquired its interest in the Atrush block on December 31, 2012. The Atrush block is operated by TAQA Atrush B.V., a subsidiary of TAQA, which holds a 39.9% working interest. ShaMaran Petroleum Corp. holds a 20.1% working interest through its wholly owned subsidiary, ShaMaran Ventures BV (100% owner of General Exploration Partners, Inc.). Marathon Oil KDV B.V., a wholly owned subsidiary of Marathon Oil Corporation (NYSE: MRO), holds a 15% interest. The KRG holds a 25% working interest.
Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (“TAQA”) has signed an agreement to acquire a 53.2% interest in the Atrush block in the Kurdistan region of Iraq from General Exploration Partners, Inc., an affiliate of Aspect Holdings, LLC.
Carl Sheldon, Chief Executive Officer of TAQA, said: “Atrush is a highly prospective block in a new growth area with significant upside potential. This entry into a pure exploration play demonstrates how TAQA is leveraging its experience as an operator of complex oil and gas assets. It fits our strategy to build on the UAE’s strong bilateral bonds in the Middle East and North Africa (MENA), and to become an operator of scale in the markets we choose to compete in.”
In April 2012 TAQA announced its agreement to acquire a 50% interest in the 1,000 MW Sulaymaniyah gas-fired power plant in the Kurdistan region of Iraq.
The Atrush acquisition adds a new MENA dimension to TAQA’s operated oil and gas business, which is currently focused on North America, the United Kingdom and the Netherlands. TAQA produced in excess of 134,400 barrels of oil equivalent per day during the first nine months of 2012.
David Cook, Executive Officer and Head of Oil & Gas, said: “The addition of Atrush to TAQA’s oil and gas portfolio is perfectly in line with our growth strategy. This opportunity builds on our capabilities, and underscores our ability to evolve TAQA’s operating position in the MENA region.”
The acquisition will be funded from corporate resources and is expected to close in December 2012. Subject to consent by the partners and the Kurdistan Regional Government, TAQA aims to become operator of the block.
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Contact Information for Media:
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Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).
TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.
Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.
Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.
Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.
TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.
Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.
For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL