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Genel expands in Kurdistan
OIL company Genel Energy, whose chief executive is former BP boss Tony Hayward, said yesterday it will buy a 23 per cent stake in the Bina Bawi exploration licence in Kurdistan for $175m (£109m).
The licence lies alongside Genel’s Taq Taq oilfield, which is already producing. The new exploration could yield 500m to 1bn barrels of oil and oil equivalent, Hayward said.