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Genel Energy has struck a deal with the Kurdistan Regional Government for development of the Miran and Bina Bawi gas fields, expanding its role as a future supplier of natural gas to the region and to Turkey. It also agreed key terms with Austria’s OMV to acquire its operated interest in Bina Bawi, the Anglo-Turkish independent said on 13 November.
Genel said in a trading update before announcing 3Q14 results that an amended production-sharing contract combining the two fields is due for completion by the end of the year, and a final investment decision for the $3.3bn project is planned for the first half of 2015. Under a separate deal with OMV, Genel will pay $150mn for the Austrian firm’s 36% stake in Bina Bawi, with Genel taking over 100% equity interest in both fields.
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