Abu Dhabi National Energy Company (Taqa), listed on the Abu Dhabi Securities Exchange (ADX), on Wednesday announced its subsidiary TAQA Atrush B.V. (Taqa Iraq) has made a new production record from the Atrush oil field in the Kurdistan Region of Iraq (KRI).
The total monthly production volume from the field has surpassed 1 million barrels for the first time in July 2019, according to a press release.
The rate of gross production at the Atrush block currently stands at around 34,000 barrels of oil per day, which comes in line with the Taqa’s targets for the second quarter of 2019.
The growth in production was mainly driven by new wells coming into operation and the impact of de-bottlenecking work over the past few months, which boosted the capacity of volumes handled by the production facility.
The facility has maintained meeting targets at “minimal spend” due to focus on integrated planning and optimization, the company noted.
Saeed Al Dhaheri, CEO of TAQA, said: “This significant achievement is a direct result of our Iraq team’s technical expertise and strategic planning efforts. As a global energy player with operations spanning four continents, our operations in Iraq have allowed us to strengthen our expertise as a leading developer of greenfield projects.”
“We look forward to building on this achievement to continue to deliver energy to our strategic partners in the Kurdistan Region, and to continue to forge strong relationships with local communities around the Atrush block,” he added.
Atrush oil field, which was first discovered in 2011 and commenced production operations in July 2017, has produced 17 million barrels of oil in its two years of production.
In May, Taqa Iraq had acquired an additional 7.5% working interest in the Atrush block from Marathon Oil KDV B.V., raising its interest to 47.4% from 39.9%.
This acquisition represents an AED 116 million addition to the company’s assets.
It is worth noting that Taqa previously posted a 5% year-on-year revenue increase for the first half of 2019, recording AED 9 billion.