LONDON – Bracewell LLP represented Genel Energy plc on its acquisition of stakes in the Chevron-operated Sarta and Qara Dagh blocks in the Kurdistan region of Iraq.
Genel will acquire a 30 percent interest in the Sarta license by paying a 50 percent share of ongoing field development costs until a specific production target is reached, together with a success fee payable on achievement of a production milestone. Chevron will retain a 50 percent interest in the Sarta license. Kurdistan’s regional government will hold the remaining 20 percent. Genel estimates that its total spend up through the end of 2020 will be approximately $60 million. Genel will acquire a 40 percent interest in the Qara Dagh appraisal license and become the operator through a carry arrangement.
Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange. The company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan region of Iraq.
Bracewell lawyers involved in this transaction include:
Partner: Ben James
Senior Associate: Adam Waszkiewicz
Associate: Catherine Todd