Home / KRG approves Genel deal at Chia Surkh
KRG approves Genel deal at Chia Surkhby Patrick Osgood on May 1, 2012
Genel Energy has announced that the Kurdish regional government (KRG) has backed its deal with a subsidiary of Longford Energy to acquire its 40% respective interests in the Chia Surkh block in the Kurdish region of Iraq.
The Oil & Gas Council has consented to the $68 million deal, struck by Genel on 16 January, and is retaining its 20% residual interest in Chia Surkh. genel confirmed that the deal has completed.
Petoil Petroleum, which was at one staged primed to sell its 20% interest in the block to Genel – bringing Genel’s stake up to 80% - has pulled out by mutual agreement, leaving Genel with the operatorship of the field and a 60% total stake.
"We are pleased that the transaction has now completed, allowing us to increase our interest in Chia Surkh and to take over the operatorship of this high quality asset,” said Tony Hayward, Genel Energy CEO. “Genel Energy remains focused on deepening its interest in the Kurdistan Region and we look forward to driving forward a thorough exploration and appraisal programme on Chia Surkh."
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