Genel Inks KRG Gas Deal, Expects Regular Oil Payments

摘要

Iraqi Kurdistan's biggest oil producer, Anglo- Turkish Genel Energy, has signed an agreement with the semiautonomous Kurdish government to develop two giant gas fields that could start supplying gas to Turkey from 2018. The Miran and Bina Bawi fields will be combined under one production sharing contract to simplify the development, with Genel as sole contractor. The company will become 100% license-holder of both fields following a deal, also announced Thursday, to purchase Austrian OMV's 36% stake in Bina Bawi for $150 million.