Turkish Genel Energy intends to acquire the field in Iraq's Kurdish autonomy

Oil&Gas Materials 13 November 2012 19:53 (UTC +04:00)

Azerbaijan, Baku, Nov 13 /Trend A.Taghiyeva/

Turkish company Genel Energy plans to acquire 49 percent stake in the company Heritage Oil at Miran gas field in Iraq's Kurdish autonomy, the newspaper Zaman said on Tuesday.

Genel Energy already has a 51 percent interest in the field Miran, and it will own 100 per cent share of the deposit after the acquisition of shares of Heritage Oil Company.

The cost of the acquisition of Heritage Oil shares estimated at $249 million.

Genel Energy bought 51 percent stake of the gas field in August 2012.

Gas reserves of the fields are 150 billion cubic meters, and it is the largest gas field in Iraq.

Earlier a spokesman for the Iraqi Oil Ministry Asym Jihad told Trend that Baghdad will impose sanctions against Turkish companies if any of them sign an oil and gas agreement with the Kurdish government without the permission of the Iraqi central government.

According to BP, Iraq's proven oil reserves amounted to 143.1 billion barrels as of late 2011.

The country ranks third in OPEC after Saudi Arabia and Iran. According to BP, oil production in Iraq amounted to 2.798 million barrels per day in late 2011.

The Kurdish administration in northern Iraq has oil reserves of 45 billion barrels.