The Tony Hayward-led explorer is taking OMV's 35% operated interest in the Bina Bawi field for $20 million up front, with the rest to follow in two instalments after first gas.
Genel has also agreed with the Kurdistan Regional Government (KRG) to combined the field and the Miran gas field into one production sharing contract and to develop both fields.
Approval for the development is expected before the end of the year, with Genel then to hold a 100% interest.
A
