17/05/2012 11:02
ERBIL, May 17 (AKnews) - Genel Energy is expanding its operations in the Kurdistan Region and is trying to buy a 23-percent stake in the Bina Bawi concession by acquiring A&T Petroleum for $175m (203bn IQD), said former BP chief executive and head of Genel Energy Tony Hayward.
Genel produces 40,000 barrels per day (bpd) of Kurdish crude in Taq Taq, which is close to Bina Bawi oil field.
Hayward told The National: "This deal confirms our continuing confidence in the immense potential of the Kurdistan Region."
Hayward left BP in 2010 following the aftermath of the oil spill in the Gulf of Mexico. He then started investing in the Kurdistan Region.
Iraq now produces three million bpd, however the Kurdistan Region stopped exporting 175,000 bpd in March after a financial dispute with the Baghdad government.
Earlier this week the Kurdistan Region's Minister of Natural Resources Ashti Hawrami revealed that the region's oil production capacity could easily reach 300,000 bpd.
© AK News 2012
