On 21 January 2019, Genel Energy plc announced that it had reached agreement with Chevron Corporation to acquire a 30% equity interest in Chevronâs Sarta Block in the Kurdistan Region of Iraq. Genel will pay 50% of ongoing field development costs in the block until an agreed production target is reached in addition to a success fee payable once a production milestone is achieved. Genel has estimated that its total spend will be approximately USD 60 million up to the end of 2020. Interests in closing of the acquisition, which is subject to the approval of the Kurdistan Regional Government (KRG), will be Chevron 50% (operator), Genel Energy 30% and the KRG 20%. Chevron completed drilling of the Sarta 3 appraisal well in the block in 2018. Sarta 3 had a PTD of approximately 3,940 m and reached a TD of 4,023 m. Chevron completed testing operations at the Sarta 2 exploration well in the second half of 2015. Both wells have been individually tested at rates of approximately 7,500 bo/d.
Iraq, not found