• 4 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 7 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 41 mins Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 2 hours Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 2 hours Total nonsense in climate debate
  • 2 hours IRAN makes threats, rattles sabre . . . . U.S. makes threats, rattles sabre . . . . IRAQ steps up and plays the mediator. THIS ALLOWS BOTH SIDES TO "SAVE FACE". Then serious negotiations start.
  • 14 hours Theresa May to Step Down
  • 1 day Devastating Sanctions: Iran and Venezuela hurting
  • 5 hours Will Canada drop Liberals, vote in Conservatives?
  • 1 day Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 2 hours Apple Boycott in China
  • 1 day Level-Headed Analysis of the Future of U.S. Shale Oil Industry
  • 24 hours IMO 2020 could create fierce competition for scarce water resources
  • 6 hours Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 6 hours Trump needs to educate US companies and citizens on Chinese Communist Party and People's Liberation Army. This is real ECONOMIC WARFARE. To understand Chinese warfare read General Sun Tzu's "Art of War" . . . written 500 B.C.
Alt Text

The Threat In Iraq Is Being Overblown

As Iraq has been drawn…

Alt Text

On The Cusp Of War: Why Iran Won’t Fold

Iran’s Supreme Leader Ayatollah Khamenei…

Alt Text

Trump’s Dangerous Oil Price Game

Trump’s apparent escalation of the…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Trending Discussions

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




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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