Maersk Oil acquires 40% stake in the concession areas in Kurdistan

stake in the exploration areas of Repsol OrientMedio.

Repsol will continue to manage the activities of exploration, which owns a 40 percent stake. As Maersk said in a statement that KRG will retain the remaining 20 percent in each franchise . the value of the stakes have not been detected.

Both areas are about 150 kilometers east of Erbil, the capital of Kurdistan Region . Description of concession area is called on areas that may produce gas or oil .

Maersk explained that Spain Repsol carried out a two-dimensional scan that identified several areas of targeteddrilling.

Chief Executive , Jacob Thomassen said in a statement reported by Reuters and briefed by " Shafaq News " that "the participation and work in one of the most promising regions in the world which is an important part of the strategy for Maersk Oil . "

Maersk Oil had produced 229 thousand barrels of oil equivalent per day in the third quarter of 2013 aims to reach 400 thousand barrels per day in 2020.

Thomassen said " we expect that our situation in Kurdistan would contribute in keeping with the level of production after 2020. "

Maersk said that it will spend between three and five billion dollars a year on development projects .

The crude used to be pumped from Kurdistan to Turkey through a pipeline controlled by Baghdad, but exports stopped last year because of a dispute over payments for oil companies working in the region .

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