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TAQA and ShaMaran Petroleum Acquire Atrush Stake from Marathon Oil

TAQA and ShaMaran complete equal acquisition of Marathon Oil's 15% stake in Atrush

Following an initial announcement in December, TAQA and ShaMaran Petroleum have completed the acquisitions of a further 7.5% stake each in the Atrush oil block in Iraq's Kurdistan Region from the exiting Marathon Oil.

The acquisition raises TAQA's stake in the block to 47.4% while ShaMaran's stake in the block rises to 27.6%, with the asset currently producing 32,000 barrels per day.

Commenting on the deal, CEO of ShaMaran Adel Chaouch said: "Closing the acquisition is a significant achievement for our company and the recent production results are both positive and in line with our expectations"

Source: Oil and Gas 360


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