(MENAFN) Abu Dhabi National Energy Company (Taqa) is planning to invest USD1.2 billion for the development of the Atrush oil and gas block in the autonomous Kurdistan region, Arabian Business reported
The company intends to invest over USD300 million in the first phase of the project, with an initial output of 30,000 barrels per day (bpd)
Taqa, which is a majority government owned company, has won approval from the Kurdistan Regional Government (KRG) for the development of the block late last year
Taqa's Leo Koot said: "The investment in the next three phases will be similar to the first phase and production should be around 100,000 to 120,000 bpd of oil in four years.
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