Genel Energy in talks on Iraq Oilfield

Genel Energy, the oil and gas company headed by Tony Hayward (pictured), the former BP chief executive, has confirmed that it is in talks about a deal that would expand its presence in Iraq's energy industry.

The company issued the following statement on Wednesday:

"Genel Energy plc notes the press speculation with regard to the possible acquisition of an additional 40% stake in the Chia Surkh oilfield in the Kurdistan Region of Iraq from Longford Energy.

"We can confirm that we are in negotiations with Longford Energy, however there can be no certainty these discussions will result in a transaction and we will update the market in due course when we have greater clarity."

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