TAQA invests 1.2 billion $ to develop an oil field in Kurdistan

“ The company plans to invest about 1.2 billion $ to develop Atrush oil and gas field in Kurdistan region after obtaining the approval of the Government of the region on the deal in late 2013 ,” An official from ( TAQA ) said in a statement to " Reuters” briefed by “Shafaq News”.

He added that the company expects to invest more than 300 million dollars in the first phase of the project, which is expected to produce 30 thousand barrels per day, the first in 2015 , noting that it was awaiting for another approval by the Government of the region and further studies in the hope that it would add 30 thousand barrels per day to production with the use of some of the associated gas in the domestic market .

For his part, head of TAQA operations in Iraq , Liu Cot said that the investment will be in the following three stages similar to the first phase , expected to reach production to between 100 thousand and 120 thousand barrels of oil per day within four years .

TAQA is expanding the power station in Kurdistan which is expected to be completed in mid- 2015 , but it also hopes to build a gas-fired power station in southern Iraq to Baghdad to help overcome the problem of power outages .