Spanish firm Repsol has quietly divested its 40% operating stake in Iraqi Kurdistan’s Kurdamir license, the firm’s annual report confirmed last week. Repsol’s partner at the asset, Canadian private firm Western Zagros, took over its stake and now is operator with 80%, with the KRG holding the remaining 20%.
Repsol inherited the Kurdamir license in 2014 when it bought out Canadian shale-focused firm Talisman Energy for some $13bn, along with the neighboring Topkhana (Repsol 80%, KRG 20%; MEES, 19 December 2014). Initially bullish development plans faded away and the firm has rarely mentioned the assets in recent years (MEES, 27 November 2015). (CONTINUED - 179 WORDS)