Maersk Oil buys interest in HKN Energy

Maersk Oil has acquired a 20% stake in Hillwood International Energy’s subsidiary HKN Energy.

HKN Energy holds a 75% interest in and operatorship of the Sarsang licence area in northern Kurdistan, on the highly prospective Zagros fold belt.

The recently drilled discovery well is expected to begin production in 2012.

This acquisition will enable Maersk Oil to enter the prolific underdeveloped area of Kurdistan in terms of oil assets.

Maersk Oil’s head of business development and strategy Jon Ferrier said that the transaction will allow the firm to gain knowledge and experience of operations in Kurdistan and in return will contribute its technical know-how and expertise.

The value of the transaction was not disclosed.