Afren buys Iraq oil for $588m

Oil and gas firm Afren has ventured into a new market by buying up $588million worth of interests in the Kurdistan region of Iraq. The pan-African firm already has assets […]

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By Vicky Ellis

Oil and gas firm Afren has ventured into a new market by buying up $588million worth of interests in the Kurdistan region of Iraq. The pan-African firm already has assets in countries such as Nigeria, Ghana and Kenya.

The new buy includes a 60% interest in the Barda Rash and 20% in the Ain Sifni fields. Chief Executive Osman Shahenshah said the move was “consistent with Afren’s strategy of acquiring low cost barrels in areas of strategic advantage.”