Abu Dhabi's TAQA to invest in WesternZagros

Abu Dhabi National Energy Co. PJSC (TAQA) will invest $46.6 million (Can.) in WesternZagros Resources Ltd., Calgary, which holds two production sharing contracts with Iraq’s Kurdistan Regional Government. Closing is expected by the end of October.

Abu Dhabi National Energy Co. PJSC (TAQA) will invest $46.6 million (Can.) in WesternZagros Resources Ltd., Calgary, which holds two production sharing contracts with Iraq’s Kurdistan Regional Government. Closing is expected by the end of October.

WesternZagros said it is “excited about the opportunities we are pursuing in the next 12 months, including further appraisal of the Sarqala and Kurdamir discoveries, and exploration drilling at Mil Qasim.”

A representative from TAQA will join the board of WesternZagros, which will use proceeds towards its 2011-12 capital and operating program.

More in Companies