Genel Enerji Sells Iraq Oilfield Stakes for $175m

Turkish oil company Genel Enerji AS has reportedly agreed to sell part of its stake in three northern Iraq oilfields to South Korea’s UI Energy Corp. for more than $175 million [210 billion Iraqi dinars].

BusinessWeek reports that Genel Enerji will sell 5 percent stakes in the Dohuk and Tawke fields and 10 percent of Miran. The transactions need to be approved by the Kurdish authorities in northern Iraq, the company said.

Genel currently holds a 40 percent interest in Dohuk and 25 percent each in Miran and Tawke. The rest of the Miran field is owned by U.K.-based Heritage Oil (LSE: HOIL), while Norway’s DNO International ASA is the main operator in the Tawke and Dohuk fields, with the Kurdish regional government holding minority stakes in both.

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