Maersk Oil, a fully-owned subsidiary of the A.P. Moller – Maersk Group, has acquired a 20% shareholding in HKN Energy Ltd., a subsidiary of U.S.-based Hillwood International Energy, whose sole asset is a license in Kurdistan Region.
The acquisition is a step into the prolific but as yet underdeveloped area of Kurdistan in oil output terms, as Maersk Oil explores opportunities in the region.
"We want to gain knowledge and experience of operations in Kurdistan, which is why we have acquired a shareholding in a company already active in the region," said Jón Ferrier, Head of Business Development and Strategy in Maersk Oil. "In return, we will contribute our technical knowhow and expertise."
HKN Energy holds a 75% interest in and operatorship of the Sarsang license area in northern Kurdistan, on the highly prospective Zagros fold belt. HKN Energy drilled one discovery well in 2011 which is expected to be brought into production in 2012. Marathon Oil holds the remaining 25% interest in the license area.
The parties have agreed not to disclose the terms of the transaction.
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