Maersk Oil buys stake in HKN Energy and its oil assets in Iraq

Source: Maersk Oil

A.P. Moller – Maersk Group subsidiary Maersk Oil has acquired a 20 percent shareholding in HKN Energy Ltd., a subsidiary of US-based Hillwood International Energy, whose sole asset is a licence in the Kurdistan Region of Iraq

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 licence 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 licence area.



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