UK independent Gulf Keystone Petroleum has advanced its divestment after transferring its interest in the Hassi Ba Hamou permit in Algeria.

The AIM-listed company is giving the interest to the operator BG Group and Algeria’s state-firm Sonatrach Group.

All required documentation has been executed and all government approvals obtained for the transfer of the right, title and interest for no consideration, Gulf Keystone said.

“We are pleased that with the HBH transfer we have made good progress towards achieving our goal of a gradual strategic exit from Algeria,” said Gulf Keystone chief executive officer Todd Kozel.

Gulf Keystone is pulling out of the North African nation to focus on the Kurdistan region of Iraq, home to about 40 per cent of the country’s 115 billion barrels of reserves. Gulf Keystone has announced the discovery of as much as 10 billion barrels of oil in the Shaikan field.

 “We are firmly focused on our operations spanning four exploration blocks in the Kurdistan region of Iraq,” Kozel said.

Oil News | Middle East

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