LONDON, July 19 (Reuters) – Genel Energy, an oil and gas producer group led by former BP boss Tony Hayward, has made its first acquisition in Morocco and the Ivory Coast, the Times reported on Thursday.
Genel, a group formed via a merger of Vallares and Turkey’s Genel Enerji, has bought Barrus Petroleum, a British company with a focus in northwest Africa.
Genel officials could not be immediately reached for comment.
Genel bought the rights to explore offshore of both African states for an undisclosed sum believed to be under $50 million, the Times said.
The group, which has a heavy focus in the Kurdistan region, had been eyeing expansion opportunities in the Middle East and North Africa.
Floated last September, Genel was acquired by Vallares, an investment vehicle set up by Hayward, financier Nat Rothschild and banker Julian Metherell.
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