Genel Energy Buys More Kurdish Assets

By John Lee.

Genel Energy has increased its commitment to oil exploration in Iraqi Kurdistan with the announcement that it has agreed to acquire an additional 26 per cent interest in the Miran exploration block from Heritage Oil.

The announcement comes just a day after the Kurdistan Regional Government's Oil and Gas Council approved the company's acquisition of a further 21 per cent stake in the Bina Bawi exploration licence from Hawler Energy, bringing its ownership of that venture to 44 per cent.

Commenting on the Miran transaction, Tony Hayward (pictured), Chief Executive Officer of Genel Energy, said:

"This acquisition represents an excellent opportunity to extend our interest in, and assume joint operatorship of, a commercial gas discovery and high quality asset in the Kurdistan Region of Iraq.

"Following our recent acquisition of a 44% interest in Bina Bawi, it will further enhance our position as the leading oil and gas company in Kurdistan. We believe that as an Anglo-Turkish company we are uniquely placed to execute the full field development of the Miran Field including gas exports to Turkey and we aim to build a material gas business alongside our existing oil business in the medium term.

"Our belief in the significant potential of the region is stronger than ever and we aim to continue to play a leading role in the consolidation and development of the oil and gas sector in Kurdistan."

Comments are closed.