French oil major TotalEnergies has sold its 18 percent interest in the onshore Sarsang oil field in the Kurdistan region of Iraq.
The company sold it to ShaMaran Petroleum Corporation, which is listed in Canada and Sweden, for $155 million.
An additional contingent consideration of $15 million is payable in the future depending on production and oil prices, according to a statement.
The Sarsang field was discovered in 2011, and 62 percent of it is operated by HKN, with KRG owning a 20 percent interest. TotalEnergies, previously known as Total, had a 3,500 barrels per day share of production in 2021.
The French oil firm, which has been present in oil-rich Iraq since 1920 when the Kirkuk field was first discovered. It still has a 22.5 percent interest in Halfaya oil field, one of Iraq’s biggest oil fields.
TotalEnergies previously signed multi-energy agreements with the Iraqi government to construct a new gas network and treatment units.
It sells lubricants in the Levantine state through distributors on the local retail market.
Follow us on
