Abu Dhabi National Energy Company (Taqa) has bought a 20 per cent stake in Canadian oil and gas company Western Zagros for $46.6m, expanding its reach into northern Iraq.
“This investment in WesternZagros reflects our focus on developing Taqa’s footprint in the Middle East and North Africa region,” said Carl Sheldon, Taqa’s general manager.
The Canadian company holds two production sharing contracts with the Kurdistan Regional Government (KRG) in Iraq.
State-owned investment company Taqa invests in oil and gas as well as power and water assets. It owns hydrocarbon production, transport and storage facilities in the US, Canada, the UK and the Netherlands.