BlackGold – a fully owned subsidiary of Al Zarooni Enterprises – has become one of the first UAE companies to enter the lucrative energy exploration and production market in northern Iraq, according to its CEO Najib Al Zarooni.
In press statements, Al Zarooni said Black Gold had invested millions of US dollars in the Northern Iraq project, and that exploration is scheduled to start in 2010, with production likely commencing in early 2011.
“Northern Iraq holds great promise for both exploration and production investment, and we are excited to be one of the first UAE companies to boldly move into this new regional energy frontier. Black Gold sees this project as an historic investment opportunity in a time of regional expansion,” said Zarooni.
BlackGold concluded the partnership agreements to participate in oil and gas exploration and development activities in Iraqi Kurdistan to be carried out through joint international project companies in the Region. The activities will include a 40pct working interest in the DNO operated Erbil production sharing contract and an 80pct working interest in the newly formed Khalakan production sharing contract comprising previously known Blocks of K28 and K29.
Black Gold is a specialized subsidiary of AL Zarooni Enterprises Company in the energy and mining sector with interests also in Ethiopia, and South Africa. In addition, the company owns refinery, several minerals mining and soon power generation.
