Abu Dhabi National Energy Co (Taqa) said it has received approval from the Kurdistan Regional Government (KRG) for the first phase in the development of the Atrush Block in the autonomous region of Iraq.

The Taqa-operated block is expected to initially produce around 30,000 barrels of oil per day (bpd) with first oil expected by early 2015, said the company in a statement on Monday.

"The Kurdistan region of Iraq is an exciting exploration frontier and has tremendous potential," remarked David Cook, the head of oil and gas at Taqa.

"Through the Atrush development, Taqa is delighted to be part of the economic progress and growth in the region," he added.-Reuters