Genel Energy Plc said Sept. 14 it entered an agreement with Austria's OMV AG to acquire its 36% operated stake in the Bina Bawi Field in the Kurdistan Region of Iraq.

The deal is worth about US$150 million. London-based Genel said it will pay US$5 million upfront. A contingent payment of US$70 million is payable once gas production exceeds agreed threshold volumes from the Miran and Bina Bawi fields.

A further contingent payment of US$75 million is payable two years after the date of the second payment.

Completion of the acquisition is subject only to government approval, which the company said is expected shortly.

Upon closing, Genel will offset US$25 million against monies owed by the Kurdistan Regional Government (KRG) to the company in respect of past expenses incurred on the Miran Field.