OMV dumps stakes in KRG oil blocks

ERBIL - Austria’s OMV, the operator of the Bina Bawi gas field in the Kurdistan Region of Iraq, has relinquished its minority stakes in two other fields that are operated by Chevron.

In a Feb. 19 quarterly statement, the company said exploration expenses for the last quarter of 2013 were EUR 99 million ($136 million) higher year-on-year “due to the write-off of two exploration licenses in the Kurdistan Region of Iraq (Rovi and Sarta).”