Genel Energy have signed a partnership agreement with American oil giant Chevron to support the development of its operations in the Kurdistan region.
Under the agreement, Genel will support operations at the Sarta and Qaradogh oil fields based in Dohuk and Sulaimani respectively.
Genel will now take a 30% share of the Sarta field, with Chevron holding a 50% stake and the KRG holding 20%.
Last year saw Chevron reopen its oil operations in the Kurdistan region which has also seen many smaller operators successfully develop many oil blocks which have been overlooked by larger operators.
In a statement following the announcement of the deal, Genel Chief Executive Murat Ozgul commented “We are delighted to have been chosen as a partner to Chevron. The agreement provides access to a phased development opportunity with significant growth potential at Sarta, and an exciting appraisal opportunity at Qara Dagh,"