Abu Dhabi National Energy Company (Taqa) is in advanced talks to buy a stake in an oil block in Iraqi Kurdistan via joint-venture firm General Exploration Partners (GEP), industry sources said.

GEP is a joint venture between privately-held Aspect Energy, which owns a 66.5 per cent interest in the company, with the remainder held by a subsidiary of Canadian firm Shamaran Petroleum Corporation.

Industry sources said Taqa was close to purchasing Aspect's share of GEP, but it was not immediately clear whether ShaMaran would sell its interest in the company.-Reuters