KRG Exercises Back-in Right to Miran PSC

Source: www.gulfoilandgas.com 2/23/2014, Location: Middle East

Genel Energy plc (Genel) announces that, the Kurdistan Regional Government (KRG) notified the Company of its intention, pursuant to the Miran Production Sharing Contract (PSC), to exercise its Option of Government Participation.

Accordingly, Genel's working and paying interests in the Miran PSC will fall from 100% to 75%, with the KRG's working and paying interests at 25%.

The Miran PSC covers 761km2 and contains the Miran gas, oil and condensate discovery, which has been independently assessed to contain gross mean contingent resources of 3.5 trillion cubic feet and 95 million barrels of oil and condensate.

On the back of the Turkey-KRG Gas Sales Agreement signed in November 2013, Genel is currently working with the KRG to put in place a Gas Sales Offtake Agreement for the Miran field by mid-year 2014. In parallel, the Company continues to screen a number of development concepts, incorporating both domestic and export supply options.

For more information about related Opportunities and Key Players visit Iraq Oil and Gas Projects


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