Genel to Buy 36% Bina Bawi Gas Field Stake From OMV
September 15 2015 - 2:54AM
Dow Jones News
By Alex MacDonald
LONDON--Genel Energy PLC (GENL.LN), the U.K. oil explorer
chaired by former BP PLC (BP) chief executive Tony Hayward, said
Tuesday it has agreed to buy a 36% stake in the Bina Bawi gas field
in the Kurdistan region of Iraq from Austrian partner OMV AG
(OMV.VI) for up to $150 million.
The U.K.-listed oil company said it will pay $5 million up front
and then $70 million once gas production exceeds certain volumes
from the Miran and Bina Bawi fields. A payment of $75 million will
be made two years after the date of the second payment.
As part of the deal, Genel has agreed with the Kurdistan
regional government to forgo $25 million in payments due to Genel
for past expenses incurred on the Miran field.
Genel already owns a 44% stake in the Bina Bawi gas field and a
75% stake in the Miran gas field.
-Write to Alex MacDonald at alex.macdonald@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 15, 2015 02:39 ET (06:39 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
BP (NYSE:BP)
Historical Stock Chart
From Mar 2024 to Apr 2024
BP (NYSE:BP)
Historical Stock Chart
From Apr 2023 to Apr 2024
