2009's winners and losers in the oil industry

The Iraqi oil auctions. (Getty Images)
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HeritaGE Oil

The London listed, but Canada-based exploration and production company Heritage Oil is another big winner in 2009. The company recently agreed a deal to acquire Turkish E&P company Genel Enerji in a deal that values the new company at US$5 billion.

The deal makes the new company, renamed HeritaGE Oil, arguably the biggest oil and gas player in Iraqi Kurdistan.

The board of the new compnay believes that the merger will result in the new company becoming a major force in the Iraqi oil industry. And with production from Taq Taq and Tawke currently around the 30,000 barrels per day (bpd) mark and expected to increase to 43,000 bpd (net) to the enlarged group by the end of 2009, who can blame them?

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FEATURED COMMENT I'm not sure the NOCs are out of the woods yet! Nice feature though   1 Comments Read more comments »

The cash flow generated from the Taq Taq and Tawke fields will enable HeritaGE Oil to significantly invest in the jewel of its crown, the enormous Miran oilfield in Iraqi Kurdistan. It is believed that the field holds up to 4.2 billion barrels of oil and when the company begins prudciton on that field, watch as the supermajors form an orderly queue. 

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