Canada’s Talisman Energy has announced that it is in talks to sell a stake in its operations in an oil-producing block in the Kurdistan Region of Iraq
The company has not yet revealed the details of the block to be sold.
"We’re in active discussions with several parties about reducing our interests there," said Hal Kvisle, chief executive of Talisman Energy. "We probably have more financial exposure to that than we want."
Talisman Energy and WesternZagros Limited own 40 per cent of one oil block each, with the Kurdistan Regional Government owning the remaining 20 per cent in the region.
In another block, Talisman Energy owns 60 per cent with the regional government owning 40 per cent.
As of September, Talisman Energy valued its assets in the Kurdistan Region of Iraq at between US$750mn and US$1.25bn.
