France-based TotalEnergies sells 18% interest in Kurdistan Region’s Sarsang oil field

The logo of Total is pictured at the company’s headquarters in Rueil-Malmaison near Paris, France, April 22, 2020. (Reuters)

SULAIMANI (ESTA) —  France-based TotalEnergies has completed the sale of its 18% interest in the onshore Sarsang oil field in the Kurdistan region for $155 million, a press release from the company on Thursday said.

The stake was sold to ShaMaran Petroleum, a company listed in Canada and Sweden and focused on oil exploration and development in Kurdistan Region.

“The company has completed the divestment of its 18% interest in the onshore Sarsang oil field in the Kurdistan region of Iraq, to ShaMaran Petroleum Corp,” It said.

TotalEnergies started its activities in the 1920s with the discovery of the Kirkuk field, its production in Iraq is about 14 000 barrels per day in 2021, read the press release.

The Kurdistan Regional Government (KRG) has been developing oil and gas resources independently of the federal government, bringing dozens of international energy firms to invest, and in 2007 enacted its own law that established the directives by which the region would administer them.

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