Maersk to acquire 40% of two Kurdistan exploration blocks

According to Reuters, Maersk Oil, a unit of oil and shipping group AP Moller-Maersk, has received Kurdistan Regional Government (KRG) approval to buy 40% stakes in two exploration blocks from Repsol Oriente Medio SA.

Repsol will continue to operate exploration activities and also hold 40% interests in them. The KRG will hold the remaining 20% stakes in each block, Maersk Oil said in a statement.

The price for the stakes was not disclosed. The two blocks, Piramagrun and Qala Dze, are located about 150 kilometers east of Erbil, the capital of the Kurdistan region of Iraq.

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