Anglo-Turkish Genel Energy buys stakes in two Chevron blocks in Region


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SULAIMANI — Anglo-Turkish oil company Genel Energy announced on Thursday (February 28) that it has received approval from the Kurdistan Regional Government (KRG) to buy stakes in two blocks owned by US energy giant Chevron.

According to energy analysis firm S&P Global Platts, the deal leaves “Genel with 30% of Sarta PSC, Chevron at 50% and the Kurdistan Regional Government the other 20%.”

 “Genel also now owns 40% equity in Qara Dagh PSC and is the operator, with Chevron holding 40% and the KRG 20%,” S&P Global Platts said.

The Sarta block is north of Erbil city, while the Qara Dagh block is south of Sulaimani city.

Oil is expected to start pumping by 2020.

Genel is a joint Anglo-Turkish company and listed on the London Stock Exchange.

(NRT Digital Media)