TotalEnergies has sold its 18 per cent stake in the Sarsang onshore oilfield in the Kurdistan region of Iraq to ShaMaran Petroleum for $155 million, Per Second News learnt Thursday.
An additional “contingent consideration” of $15m is also payable in the future depending on production and oil prices, the French energy company revealed.
The Sarsang field, discovered in 2011, is operated by the energy firm HKN which retains 62 per cent ownership, with the Kurdistan Regional Government owning a 20 per cent interest. TotalEnergies’ share of production in the field was about 3,500 barrels per day in 2021.
TotalEnergies, previously known as Total, has been active in Iraq since the 1920s with the discovery of the Kirkuk field. The company currently has a 22.5 per cent interest in the Halfaya oilfield. The company’s total production in the country was about 14,000 barrels of oil equivalent per day in 2021.
TotalEnergies is also developing the country’s Ratawi natural gasfield. As part of the deal signed last year, the company plans to capture and process around 600 million cubic feet per day of gas.
Higher oil prices are helping Iraq boost its revenue. The country’s foreign currency reserves are expected to surge more than 12 per cent to $90bn by the end of the year, according to the country’s central bank.
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