Former BP head Tony Hayward's investment vehicle Vallares has announced merger with Turkey's Genel Energy International marking a comeback for Hayward in a leadership role of one of the most promising energy firms in the world. The all-shares deal, will see Vallares issue $2.5bn (£1.3bn) worth equity for 50% stake in the company.
According to Hayward the deal would allow Vallares to tap into "one of the last great frontiers in the oil and gas industry."
"Arguably, it is the last big onshore 'easy' oil province available for exploration by private companies anywhere in the world," he said.
Hayward who left BP following the Deepwater Horizon disaster will be the new CEO of Genel Energy PLC, the resultant new name for the merged companies.
Mehmet Sepil, Genel's current CEO, who was fined £1 million for insider trading in 2010 will get a "key executive role" with a 14.5% stake.
Genel has its hold on proved and probable reserves of 356m barrels, part of Kurdistan's enormous hydrocarbons potential, with an estimated 40bn barrels of oil waiting to be tapped.
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