Anglo-Turkish Genel Energy, soon to be led by former BP CEO Tony Hayward, is seeking to expand its presence in northern Iraq.
Genel Energy, owned by Turkish businessman Mehmet Emin Karamehmet, is seeking a major role in the development of the vast reserves of oil in the Kurdish autonomous region of northern Iraq.
Speaking to Turkey’s Hurriyet newspaper Hayward said, “The only approval we need is from the Kurdistan Regional Government, and we expect that approval to come before the end of September. All of the indications in Kurdistan show that things are only going to get better. I think this is a good time to invest in the region.”
Hayward also expressed his belief that a “pragmatic realism” now dominated relations between the Kurdish regional government and Baghdad, adding that eventually, the Kurdish region will have “a significant say” in what is going to be finally approved in Iraq’s expected hydrocarbons law noting, “This means (a company) can invest. “(The two governments) have agreed to revenue-sharing mechanisms. Payments are being received and I think all indicators show that things are only going to get better. There will be some bumps in the road, but the train and its direction are clear.”
By. Charles Kennedy, Deputy Editor OilPrice.com
Charles is a writer for Oilprice.com