Posted on 08 January 2012. Tags: Chia Surkh, Genel Energy, Kurdistan, Longford Energy
The Sunday Times reports that Genel Energy Plc will announce a deal this week to buy a 40 percent share in Longford Energy‘s Chia Surkh oil field in northern Iraq.
According to the report, the deal would be worth $70 million, and Genel, run by the former CEO of BP, Tony Hayward, declined to comment.
Kurdistan-focused Genel, already has a 20% working interest in the Chia Surkh oil field. The prospect is believed to contain some 305.7 million barrels of oil equivalent.
(Sources: Bloomberg, Wall Street Journal)
Posted in Oil & Gas
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.“