Iraqi Kurdistan to Get 25% Interest in Oil, Gas Field from Genel Energy

Anglo-Turkish oil and gas exploration and production company Genel Energy said on Monday that northern Iraq’s Kurdistan regional government (KRG) will exercise its option to take a 25% stake in the company’s production sharing contract for the Miran oil and gas field in northern Iraq.

The Miran production sharing contract covers 761 sq km and contains the Miran gas, oil and condensate discovery which contains gross mean contingent resources of 3.5 trillion cu ft and 95 million barrels of oil and condensate, Genel Energy said in a statement.

Genel Energy said also it is working with the KRG launch a gas sales offtake agreement for the Miran field by the middle of 2014 on the back of the gas sales agreement from 2013 between Turkey and KRG.

Source: SeeNews