By Our Correspondent
TotalEnergies has completed the divestment of its 18 per cent interest in the onshore Sarsang oil field in the Kurdistan region of Iraq, to ShaMaran Petroleum Corp., a company listed in Canada and Sweden and focused on oil exploration and development in Kurdistan, for a firm consideration of $ 155 million.
According to the company, “An additional contingent consideration of USD 15 million is payable in the future depending on production and oil prices.”
In a statement obtained by The Daily, www.thedaily-ng.com, it stated: “The Sarsang field, discovered in 2011, is operated by HKN (62%), with KRG owning a 20% interest. TotalEnergies’ share of production was around 3,500 barrels per day in 2021.
“In Iraq, TotalEnergies started its activities in the 1920s with the discovery of Kirkuk field. The company currently has a 22.5% interest in the Halfaya oil field. TotalEnergies’ production in Iraq is about 14 000 boe per day in 2021.
“In September 2021, TotalEnergies signed major multi-energy agreements in Iraq covering the construction of a new gas network and treatment units, the construction of a large-scale seawater treatment unit and the construction of a 1 GW photovoltaic power plant.”
It added: “TotalEnergies sells lubricants in Iraq through distributors on the local retail market. Our affiliate.”
TotalEnergies is a global multi-energy company that produces and markets energies – oil and biofuels, natural gas and green gases, renewables and electricity.