Oil group Genel Energy PLC (GENL.LN) said Wednesday that it and Norway's DNO International ASA (DNO.OS) have signed a Gas Sales and Purchase Agreement with the Kurdistan Regional Government to supply gas from the Summail field in the Dohuk license in the Kurdistan Region of Iraq.
Oil group Genel Energy PLC (GENL.LN) said Wednesday that it and Norway's
DNO International ASA (DNO.OS) have signed a Gas Sales and Purchase Agreement
with the Kurdistan Regional Government to supply gas from the Summail field in
the Dohuk license in the Kurdistan Region of Iraq.
MAIN FACTS:
-The gas will partially displace diesel currently used to generate electricity
in a 500 MW power plant in the city of
Dohuk
located 40 kilometers from the field.
-Initial deliveries will be around 100 million cubic feet per day sold on a
take-or-pay basis for the duration of the Production Sharing Contract or until
deliveries reach one trillion cubic feet.
-The price of gas will range between $3 and $4 per thousand cubic feet over the
life of the contract.
-Genel Energy plc holds a 40 percent interest in the Dohuk license; DNO
International holds a 40 percent operated interest and the Kurdistan Regional
Government the remaining 20 percent interest.
-Genel shares at 1448 GMT, up 6 pence, or 0.7%, at 938 pence valuing the
company at GBP2.1 billion
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