Chevron confirms Kurdish move

Kurdish move: John Watson-led Chevron buys into Kurdistan

AFP/SCANPIX

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Eoin O'Cinneide

 19 July 2012 12:48 GMT

Chevron confirmed on Thursday that it is making a splash in the Kurdistan region or Iraq with the purchase of two block stakes from India’s Reliance Industries.

The US supermajor is taking Reliance’s 80% slice in the production sharing contracts covering both the Rovi and Sarta blocks, it said on Thursday.

The company was confirming a Wednesday report from news wire Reuters which revealed the details.

Chevron will become operator of both blocks where it will be partnered by Austria’s OMV on 20% in each block.

Both blocks are north of the autonomous region’s capital or Erbil and cover a combined area of around 1124 square kilometres.

ExxonMobil is the other major player active in Kurdistan, a move which angered Iraq’s government.

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