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Canadian independent Shamaran announced on 31 May that the buyout of US firm Marathon’s 15% stake in the 32,000 b/d Atrush field in Iraqi Kurdistan has finally concluded. The 15% was split evenly between Shamaran and the field’s operator, Emirati firm Taqa. The new partnership is Taqa 47.4%op, Shamaran 27.6%, KRG 25%. Marathon has long wanted to quit the region, but the process proved a lengthy slog. It seemed simple at first when Shamaran signed up to buy the full 15 15% in June 2018 ( MEES, 15 June 2018 ) but they soon ran into rough terrain when Taqa blocked the deal in November ( MEES, 23 November 2018 ).
It soon became clear that Taqa wanted a slice of the action, and a new agreement was reached in December ( MEES, 4 January ), and five months later the parties have finally crossed the finish line. (CONTINUED - 131 WORDS)