Canadian Petroleum Company to buy Abu Dhabi TAQA interest in Kurdistan

Asma - | Business

The Canadian independent oil and gas business ShaMaran Petroleum Corp. is purchasing the 47.4% interest held by a subsidiary of Abu Dhabi National Energy business PJSC (TAQA) in the Atrush Production Sharing Contract in Kurdistan.

Canadian independent oil and gas company ShaMaran Petroleum Corp. is making strategic moves in the Kurdistan region of Iraq by acquiring a significant stake in the Atrush Production Sharing Contract. ShaMaran has entered into definitive agreements for a two-step transaction to increase its indirect working interest in the Atrush Block from 27.6% to 50%.

The first element is the acquisition of TAQA Atrush B.V., a Dutch holding company that holds a 47.4% working interest and operatorship in the Atrush PSC. General Exploration Partners, Inc., ShaMaran's wholly-owned Cayman subsidiary, has consented to this acquisition. An affiliate of TAQA in Abu Dhabi, TAQA International B.V., is the source of this purchase.

As part of the second step, TABV will transfer a 25% working interest in the Atrush PSC to GEP2, a new Cayman wholly-owned subsidiary of GEP. Concurrently, GEP has entered into an agreement to sell GEP2 to HKN Energy IV, an affiliate of HKN Energy Ltd., for nominal consideration, thereby giving HKN IV a 25% working interest and operatorship in the Atrush PSC.

The completion of the sale of GEP2 to HKN IV is contingent on approval by the Kurdistan Regional Government. Following these transactions, ShaMaran Petroleum will effectively increase its indirect working interest in the Atrush Block from 27.6% to 50%.

The Atrush Block is strategically located approximately 85 kilometers northwest of Erbil, the capital of Kurdistan. The financial terms of this transaction have not been publicly disclosed.

This move underscores ShaMaran's commitment and focus on strengthening its presence and operational control in the Kurdistan region, a vital area for the company's oil and gas activities.

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