The lengthy saga of US firm Marathon’s exit from Iraqi Kurdistan has finally been concluded with an agreement for the sale of its 15% stake in the 30,000 b/d Atrush field (Taqa 39.9%op, Shamaran 20.1%, Marahthon 15%, KRG 25%). Marathon had agreed to sell it to Canada’s Shamaran for $60mn in June (MEES, 15 June 2018), but Emirati operator Taqa blocked the deal in November much to Shamaran’s ire (MEES, 23 November 2018).
Shamaran slammed “Taqa’s unreasonable refusal to provide consent” but the pair have evidently put aside their differences. They have partnered up to each purchase 7.5% of Atrush from Marathon, Shamaran announced on 27 December. Technically, Shamaran will purchase Marathon’s 15% stake for $63mn before selling half of this to Taqa. (CONTINUED - 168 WORDS)