Iraq’s Genel Energy announced it is acquiring Chevron’s stakes in Sarta and Qara Dagh blocks after getting an approval from the Kurdistan Regional Government (KRG), Pipeline Oil and Gas Magazine reported.

Once closing the acquisition, Genel will acquire 30% in the Sarta PSC, with Chevron holding 50% and KRG holding the remaining 20%.

Meanwhile, Genel now holds 40% equity in the Qara Dagh and is the operator, with Chevron holding 40% and the KRG holding the remaining 20%.

Sarta Phase 1A’s first two wells will start producing oil in 2020, while work will be ongoing to determine the optimal location for the Qara Dagh-2 well, which is set to be drilled in 2020 as well.