London-listed independent oil firm Genel Energy has confirmed the acquisition of a 23% stake in the Bina Bawi oil field for $175 million, after the transaction was approved by the Kurdish regional government.
The acquisition, first announced on 14 May, is to be made through the purchase of all of the share capital of A&T Petroleum Company.
The original production sharing agreement was signed in March 2006, superseded by a production sharing contract in 2008.
“We are pleased that the transaction has now completed, allowing us to acquire an interest in this high-quality acreage in an area immediately adjacent to Taq Taq, one of our major established fields,” said Tony Hayward, Genel CEO.
“Genel Energy remains focused on deepening its interest in the Kurdistan Region and we look forward to the exploration and appraisal programme planned for Bina Bawi for the rest of this year and next.”
