Somaliland government signs agreement with Turkish Oil company (video)

[Siciid1986]

 

London-listed oil explorer Genel Energy announced deals that will help it to diversify into the Mediterranean and North Africa on Thursday, building on its strategy to expand outside its core region of Kurdistan.

 

Genel said it would acquire 75 percent of Mediterranean Oil & Gas's interests in an offshore Malta contract for up to $30 million, with an additional agreement to assess and acquire further assets in Malta, Libya and Tunisia.

 

It also said it would farm in to 60 percent and assume ownership of the Sidi Moussa block offshore Morocco for up to $50 million.

 

Although the acquisitions are small, they mark the first foray for Genel into the region. The majority of its acreage is in the semi-autonomous Kurdistan region of Iraq, and it also has assets in Somaliland and Cote d'Ivoire.