The Sunday Times reports that Genel Energy Plc will announce a deal this week to buy a 40 percent share in Longford Energy‘s Chia Surkh oil field in northern Iraq.
According to the report, the deal would be worth $70 million, and Genel, run by the former CEO of BP, Tony Hayward, declined to comment.
Kurdistan-focused Genel, already has a 20% working interest in the Chia Surkh oil field. The prospect is believed to contain some 305.7 million barrels of oil equivalent.
(Sources: Bloomberg, Wall Street Journal)