Genel buys Chevron KRI stakes

LONDON, January 21, 2019 – Genel Energy has agreed to acquire stakes in two Kurdistan Region of Iraq blocks, the company announced on Monday.

Genel will acquire from Chevron a 40% operating interest in the Qara Dagh licence as well as 30% equity in the Sarta licence, the company release added. The price tag of the former deal was not disclosed, while Genel estimated that it would spend about USD 60 million on the latter acquisition through 2020.

“We are delighted to have been chosen as a partner to Chevron,” said Murat Özgül, Genel’s CEO. “The agreement provides access to a phased development opportunity with significant growth potential at Sarta, and an exciting appraisal opportunity at Qara Dagh.”

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