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Genel Energy buys into Malta, Morocco

Aug. 24, 2012 at 8:07 AM

ANKARA, Turkey, Aug. 24 (UPI) -- Turkish energy company Genel Energy announced it was buying into oil and natural gas licenses in Malta and Morocco for a combined $11.3 million.

Genel said it acquired a 75 percent stake in an offshore production sharing contract in Malta from a subsidiary of energy company MOG for an initial payment of $10 million.

The area includes four license blocks off the coast of Malta near Libyan waters. Seismic surveys of the area have indicated the presence of natural resources, the company said.

The company also bought into an offshore block in Morocco in a deal with a consortium of energy companies working in the region. Genel said the deal includes an initial payment of $1.3 million. One well has been drilled in the offshore Moroccan area known as Sidi Moussa.

John Hurt, regional chief operating officer for Genel, said there may be considerable exploration potential in the acquisitions.

"(This) is consistent with our strategy of building a portfolio of high impact exploration assets within the Middle East and Africa," he said in a statement.

Genel this week announced it was acquiring a majority stake in the Miran exploration block in the Kurdish region of Iraq form a subsidiary of Heritage Oil for $156 million.

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