• 5 minutes Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Starvation, horror in Venezuela
  • 2 hours WTI @ 67.50, charts show $62.50 next
  • 11 hours Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 7 mins Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 59 mins Venezuela set to raise gasoline prices to international levels.
  • 12 hours Mike Shellman's musings on "Cartoon of the Week"
  • 7 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 41 mins The Discount Airline Model Is Coming for Europe’s Railways
  • 16 hours Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 1 hour Pakistan: "Heart" Of Terrorism and Global Threat
  • 23 hours Corporations Are Buying More Renewables Than Ever
  • 11 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 23 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 12 hours Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 13 hours France Will Close All Coal Fired Power Stations By 2021

Breaking News:

SEC Tesla Probe Not New: Report

Alt Text

Tax Income Earned ISIS Much More Than Oil Smuggling

Contrary to popular belief, black…

Alt Text

Kurdistan Ready To Hand Over Oil For 17% Of Iraqi Budget

The Kurdistan Regional Government has…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Trending Discussions

UAE to Invest $1.2bn in Kurdish Oil

UAE to Invest $1.2bn in Kurdish Oil

Majority state-owned UAE national oil company has announced plans to invest some $1.2 billion in the development of a key oil and gas block in the Kurdistan region of Iraq.

Granted approval from the Kurdistan Regional Government (KRG) late last year, Abu Dhabi National Energy Company (Taqa) plans to invest more than $300 million in the first phase of the development of the Atrush oil and gas block, with overall investment expected to be around $1.2 billion.

According to Taqa, the first phase of the project is expected to launch in early 2015 with first production at 30,000 barrels of oil per day. 

Related article: Turkey Finds High Grade Oil on its Border with Iraq

The second phase of the project, which foresees a doubling of production to 60,000 bpd, along with the production of gas for the domestic market, has not yet been granted final approval by the KRG.

Overall, the project foresees production of between 100,000-120,000 bopd after four years.

Taqa, majority owned by the UAE government, holds a 39.9% share in the project consortium, while Kurdish ShaMaran Petroleum Corp. holds 20.1%, US-based Marathon Oil Corp. holds 15% and the KRG holds 25%.

The UAE has pursued business in Kurdistan, and with the KRG, rather ambitiously in recent years, including in the oil and gas and construction sectors. A number of UAE-based companies are now operating there, most notably Dana as, Rotana and Majid Al Futtaim.

Related article: Is Iraq's House Too Divided for Oil?

Unilateral oil and gas dealings with the KRG are a point of contention with the Iraqi central authorities in Baghdad, who claim such deals are illegal as long as they bypass Baghdad.

Kurdistan has already begun independently exporting crude oil directly to Turkey, but for now, in an apparent nod to Baghdad, that crude won’t go beyond Turkey’s Ceyhan export hub to international markets until Turkey reaches a deal with the Iraqi central authorities.

Earlier this month, Turkish energy officials said oil started flowing directly from Kurdistan and that the oil would be kept in storage at the country's Ceyhan export hub and that he hoped that Ankara would reach a deal with Baghdad before the end of January.

By. Charles Kennedy of Oilprice.com




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News