FINANCIAL NEWS

Genel Energy to buy 23% in Kurdistan concession

14 May 2012

(MENAFN) Jersey-based Genel Energy is set to buy a 23 percent stake in the Bina Bawi exploration concession in Iraq’s Kurdistan in a bid to extend its business in the region, Reuters reported.

The company will pay USD175 million to join it to its already producing Taq Taq oilfield, which has an estimated 80,000 bpd production capacity, and is projected to rise to about 200,000 bpd.

The acquisition of the license stake would be made through the purchase of A&T Petroleum Company Ltd, current holders of the stake.

CEO Tony Hayward said that the company plans to link the two adjacent areas by a pipe line to the region’s main export pipeline from Kirkuk to Ceyhan oil terminal in Turkey.

The Bina Bawi discovery is estimated to contain 500 million to 1 billion barrels of oil and oil equivalent, Hayward said.

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