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FINANCIAL NEWS
Genel eyes Mediterranean, N Africa expansion
23 Aug 2012
(MENAFN) London-listed Genel Energy agreed to buy 75 percent of Mediterranean Oil & Gas’s interests in an offshore Malta concession for USD30 million, Reuters reported.
The oil and gas explorer firm also agreed to assess and acquire further assets in Malta, Libya and Tunisia, as it seeks to expand operations in the Mediterranean and North Africa, away from its core activities in Iraqs Kurdistan region.
Genel said it would acquire 60 percent of the Sidi Moussa block offshore Morocco for up to USD50 million.
Genel, formed last year when former BP Chief Executive Tony Hayward and financier Nathaniel Rothschild’s bid vehicle bought Turkey’s Genel Enerji, is currently focused on the semi-autonomous Kurdistan region of Iraq, and it also has assets in Somaliland and Cote d’Ivoire.
Recently, Genel paid some USD450 million for a stake in Heritage Oil’s interest in a gas discovery in Kurdistan.
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