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Genel to Buy $70 Million Iraq Oilfield Stake, Sunday Times Says

By Jason Webb - 2012-01-08T10:06:03Z

Genel Energy Plc (GENL) will this week announce a deal to pay $70 million to buy a 40 percent share of the Chia Surkh oil field in northern Iraq from Longford Energy Inc. (LFD), the Sunday Times reported.

Genel, run by Tony Hayward, the former chief executive officer of BP Plc (BP/), declined to comment, the Sunday Times said.

To contact the reporter on this story: Jason Webb in London at jwebb25@bloomberg.net.

To contact the editor responsible for this story: Dick Schumacher in London at dschumacher@bloomberg.net

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