Crest to buy WesternZagros

Kurdistan's oil sector has been plagued by financial crisis and other setbacks, but the deal announced Friday suggests some investors are seeing value and opportunity.
Crest to buy WesternZagros
Workers at the Sarqala oil field. (Source: WesternZagros)

WesternZagros, one of the first investors in Iraqi Kurdistan's oil sector, announced Friday it would be bought out and taken private by Crest Energy International, LLC.

The all-cash purchase represents a vote of confidence in Kurdistan, whose oil and gas sector has suffered several setbacks, including a prolonged financial crisis and the recent write-down of the Taq Taq oil field, once thought to be among the largest in the region.

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