KRG-Genel deal secures gas supply, but not prices
Kurdistan has taken a step toward supplying gas exports to Turkey with a new agreement to govern development of the Miran and Bina Bawi fields.
A rig at the Miran field, which is operated by London-listed Genel Energy. (Source: Genel Energy)
ERBIL - The Kurdistan Regional Government (KRG) has reached a landmark gas development deal with its largest independent oil operator, Anglo-Turkish Genel Energy, which should allow the region to meet its massive commitments to feed Turkey's growing energy demand.
The deal doesn't set a price for natural gas, which other companies were eager to see. Instead, the KRG and Genel negotiated a new contract, governing both the Miran and Bina Bawi fields, which ties the company's commercial interests to the sale of liquids that will be produced along with gas.
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