Total in new Kurdistan pact

Defiant: Total chief executive Christophe de Margerie

AFP/Scanpix

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Steve Marshall

 20 August 2012 15:28 GMT

Total has bought a stake in another Kurdistan block in a move that is set to further inflame the Iraqi federal government after a similar deal earlier this month.

A subsidiary of the French supermajor, led by chief executive Christophe de Margerie, has now paid $48 million to acquire ShaMaran Petroleum’s  20% stake in the Taza production sharing contract, the Canadian company said in a statement on Monday.

Total has already incurred the wrath of Baghdad after striking a farm-in deal with Marathon Oil to gain a 35% interest in the Harir and Safen blocks in the semi-autonomous region of northern Iraq.

The federal government has previously warned the company that it would be forced to sell its 18.75% stake in the Halfaya oilfield…

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