UK-Turkish firm acquires stake in Bina Bawi exploration block
London-listed oil firm, Genel Energy, has acquired a 23 per cent stake in the Bina Bawi exploration licence in the semi-autonomous Kurdistan region of Iraq.
Genel announced its intention to purchase the stake in May, taking the share capital of A&T Petroleum Company, a subsidiary of Petoil Petroleum and Petroleum Products International Exploration and Production.
The deal was approved by the Kurdistan Regional Government (KRG) on 3 August and the acquisition completed at a price of $175m.
Genel Energy now has interests in seven exploration and production licences in the Kurdistan region, including its two major producing fields, with a 25 per cent stake in the Tawke field and 44 per cent in the Taq Taq field.
It also holds 25 per cent interests in Peshkabir, 40 per cent in the Dohuk, 18.75 per cent in Miran, 20 per cent of the Chia Surkh, and now 23 per cent of the Bina Bawi licence.
Genel Energy was formed in 2011 by the acquisition of Turkey’s Genel Enerji by Vallares, a private equity firm from the UK headed by former BP chief executive officer, Tony Hayward.
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