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France’s TotalEnergies sells 18% interest in Iraqi Sarsang oil field

Reuters/Stephane Mahe
The stake in onshore Sarsang oil field was sold to ShaMaran Petroleum, a company listed in Canada and Sweden. 

French multi-energy company TotalEnergies has sold its 18 percent interest in the onshore Sarsang oil field in the Kurdistan region of Iraq for $155 million, the company said in a statement.

Depending on production and oil prices, additional contingent consideration of $15 million will be payable in the future.

The stake was sold to ShaMaran Petroleum, a company listed in Canada and Sweden. 

The Sarsang field, discovered in 2011, is operated by HKN Energy Limited (62 percent), with the Kurdistan Regional Government of Iraq owning a 20 percent interest.

TotalEnergies’ share of production was around 3,500 barrels per day in 2021.

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