Genel Energy increase stake in Kurdistan Region05/08/2012 23:54
ERBIL, Aug. 5 (AKnews) – The London-listed Genel Energy increased its stake in the Iraqi Kurdistan Region after it acquired a 23 per cent stake in the Bina Bawi exploration license.
The deal has been approved by the Kurdistan Regional Government (KRG) and the acquisition has been completed at $175 million.
The UK-Turkish firm has interests in seven exploration and production licenses in the semi-autonomous Kurdish region of Iraq. Among the license are two major producing fields; a 25 per cent stake in the Tawke field, Duhok province, and 44 per cent in the Taq Taq field of Erbil province.
The firm also holds a 25 per cent interests in Peshkabir, 40 per cent in the Duhok, 18.75 per cent in Miran, 20 per cent of the Chia Surkh as well, all of which are located in Duhok province.