2024-01-22 11:18:33
Agencies
Published on: Monday, January 22, 2024 – 1:17 PM | Last updated: Monday, January 22, 2024 – 1:17 PM
The Abu Dhabi National Energy Company decided to sell its share in the Atrush oil field in Iraqi Kurdistan to the government of the Emirate of Abu Dhabi, 10 years following purchasing the share and operating in the region.
The company has finally agreed with General Exploration Partners to sell all of its stake in the oil field, while the deal remains subject to third-party approvals, according to Sputnik.
It is noteworthy that Abu Dhabi Company had purchased a 53.2% operating stake in the oil field for $600 million from General Exploration Partners in January 2013, and currently owns a 47.4% stake in the field.
The Kurdistan Regional Government of Iraq and General Exploration Partners hold stakes of 25% and 27.6%, respectively.
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