Genel Energy buy Stake in Heritage Miran Field

Genel Energy have increased their interests in Iraqi Kurdistan with a US$156 million deal to buy a further 26 per cent stake in the Miran West gas discovery which is currenty operated by Heritage Oil. Genel already owned 25 per cent of the Miran block and it is now taking its stake to 51 per cent through a deal with its venture partner Heritage Oil. Genel could ultimately acquire the entire project as part of the deal. The Miran block is estimated to contain over 10 trillion cubic feet of gas. Genel stated the deal is an ‘excellent opportunity’ to progress its strategy of consolidating a leading position in Kurdistan.

Heritage will receive US$156 million in cash, and Genel will provide its partner with a separate US$294 million loan, which may potentially be exchanged for the remaining equity in the Miran venture.

We believe that as an Anglo-Turkish company we are uniquely placed to execute the full field development of the Miran Field including gas exports to Turkey and we aim to build a material gas business alongside our existing oil business in the medium term” said chief executive Tony Hayward.

Swiftdale have provided wellsite geologists on the Miran field for over 4 years and have more expereince in Kurdistan region than any other provider of wellsite geolgists, having provided services for Perenco, Sterling and Gulf Keystone in addition to Heritage and Genel.

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