TotalEnergies Sells Its 18% Stake in Iraq’s Sarsang Oil Field

TotalEnergies Sells Its 18% Stake in Iraq’s Sarsang Oil Field

TotalEnergies has completed the sale of its 18% stake in the onshore Sarsang oil field in Iraqi Kurdistan for $155 million to ShaMaran Petroleum Corp., a company listed in Canada and Sweden that specializes in oil exploration and production in Kurdistan.

Depending on future output and oil prices, an extra contingent consideration of $15 million will be due.

2011 saw the discovery of the Sarsang field, which is currently controlled by HKN (62%), with KRG holding a 20% stake. In 2021, TotalEnergies contributed about 3,500 barrels per day to output.

In Iraq, TotalEnergies started its activities in the 1920s with the discovery of Kirkuk field. The company currently has a 22.5% interest in the Halfaya oil field.  The company’s production in Iraq is about 14 000 boe per day in 2021.

Major multi-energy contracts for the construction of a new gas network and treatment facilities, a sizable saltwater treatment facility, and a 1 GW solar power plant were signed by TotalEnergies in Iraq in September 2021.

Lubricants are sold by TotalEnergies through distributors on the regional retail market in Iraq. As a subcontractor, our associate Saft participates in request for proposals.

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