The company, known also as Taqa, said it expects to produce 30,000 barrels of oil per day in the Atrush field starting in early 2015.
"It is our ambition to build an integrated business in the Kurdistan region of Iraq, including potential power and water projects in addition to oil and gas infrastructure developments," David Cook, head of oil and gas operations at Taqa, said in a statement. "Through the Atrush development, Taqa is delighted to be part of the economic progress and growth in the region."
The company said the Kurdish approval opens the door for a $300 million investment in a three-well Atrush campaign. It said the approval translates to a 25-year work plan for the oil field.
The semi-autonomous Kurdish north has been shielded from much of the violence plaguing Iraq but is at odds with the national government over who controls the country's oil sector.