Petrel Acquires Stake in Iraqi Licenses

Petrel Resources reported Wednesday that it has agreed to buy a 20-percent holding in Amira Hydrocarbons Wasit, which holds a stake in exploration and production licenses in the Wasit province of Iraq.

Petrel said the move will strengthen its position in Iraq where it has been active since 1999. The acquisition equates to a five percent carried interest through to production in licenses operated by Oryx Petroleum in Wasit province.

Petrel added that it has also been given a right of first refusal to participate in future exploration and production licenses in the Iraqi provinces of Muthanna, Karbala, Babil and Najaf.

Petrel Managing Director David Horgan commented in a company statement:

"We are delighted to announce the expansion and diversification of our exploration portfolio with this acquisition. Petrel has a long-standing interest in Iraq. Following the recent farm out of our Irish acreage, the acquisition refocuses our efforts on one of the world's premier hydrocarbon basins.

"The addition of Amira's assets to our portfolio and the joint venture with the Kayablian family provides our shareholders with greater exposure to the world class hydrocarbon potential in Iraq."

Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Aker Solutions to Buy Brazilian C.S.E (Oct 21)
 -  Sea Trucks Group Secures Work Offshore... (Oct 21)
 -  Shell Divests Non-Core Oil, Gas Proper... (Oct 21)
 -  Petrofac Appoints New CFO (Oct 21)
 -  Wheatstone LNG Development Start-Up in... (Oct 20)

Most Popular Articles

From the Career Center
Jobs that may interest you
Technical Coordinator
Expertise: Client Representative|Process Management|Technical Writing
Location: Houston, TX
Executive Assistant
Expertise: Executive|Secretarial or Administrative
Location: United States
Regional Manager - Saybolt
Expertise: Executive|Operations Management
Location: Linden, NJ
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours