Abu Dhabi National Energy Co. (Taqa) is in advanced talks to buy a stake in an oil block in Iraqi Kurdistan by taking a majority interest in General Exploration Partners (GEP), as per newswires.
GEP is a joint venture between privately-held Aspect Energy, which owns a 66.5% stake, with the remainder held by a subsidiary of Canadian group ShaMaran Petroleum. Taqa might purchase Aspect's share in GEP, as per newswires.
Abu Dhabi National Energy Company (Taqa), established in June 2005, has a near monopoly in the provision of water and electricity in Abu Dhabi, through its majority-owned independent water and power producers. It has indeed grown progressively to become the major player in the Abu Dhabi utilities sector, providing about 90% of the Emirate’s needs in water and electricity.
Mena Weekly Monitor – Audi Research