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TotalEnergies Sells Sarsang

TotalEnergies is selling its interest in the Sarsang oil field in Iraqi Kurdistan, but remains well established in the country.

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TotalEnergies, a major player in the oil sector, sells its interest in the Sarsang oil field in Iraq. Nevertheless, the company remains well established in the country, notably through its participation in the Halfaya oil field.

TotalEnergies sells the Sarsang oil field

TotalEnergies has finalized the sale of its 18% interest in the Sarsang onshore oil field in the Kurdistan Region of Iraq to ShaMaran Petroleum Corp, a company specialized in oil exploration and development in Iraqi Kurdistan.

The amount of the transaction is $155 million. In addition, there is a contingent consideration of $15 million, depending on production and oil prices.

The Sarsang oil field, discovered in 2011, is operated by HKN (62%), with KRG holding a 20% stake. TotalEnergies’ share of production was about 3,500 barrels per day in 2021.

A company well established in Iraq

In Iraq, TotalEnergies began its activities in the 1920s with the discovery of the Kirkuk field. Thus, the company remains well established in the country. For example, it holds a 22.5% stake in the Halfaya oil field. In fact, in Iraq, TotalEnergies has produced 14,000 boe per day in 2021.

In addition, the company has signed important agreements in September 2021. These include the construction of a new gas network as well as the construction of a large-scale seawater treatment plant.

TotalEnergies also intends to develop renewable energy in Iraq. It will build a 1 GW solar power plant.

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