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British oil firm, Genel Energy has inked an agreement to acquire Chevron’s stakes in Iraq oil blocks. Genel will gain ownership of 30% interest in the Sarta licence and 40% interest in the Qara Dagh licence. Until a specific production target is reached in the Sarta license, Genel will account for 50% share of ongoing field development costs. The firm will become the operator of the Qara Dagh licence.
