Vallares Confirms Merger With Genel, Deal Reinstates Hayward's Leadership

Thursday, September 8, 2011
  • The deal marks a comeback for Hayward in a leadership role of one of the most promising energy firms in the world
  • Vallares to issue $2.5bn (£1.3bn) worth equity for 50% stake in the company
  • 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

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.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

Related News

Join 70,000 other oil and gas professionals

Network with others, build your profile, and receive the latest oil and gas news in your inbox. It's free!

Your details are never shared or sold. We hate spam too.

» More Jobs       » Upload a free Job       » Upload your CV

More Europe Jobs

More Global Jobs

Opinion & Commentary

  • Eight pieces of our oil price predicament
    A person might think that oil prices would be fairly stable. Prices would set themselves at a level that would be high enough for the majority of producers, so ...
  • Give us a break...
    I see that Oil & gas UK has been talking again about the need for George Osborne to ‘put his money where his mouth is’ (I paraphrase!) and change the fiscal terms operati ...
  • Why it's different this time
    Is this downturn in oil prices going to be different for investors? I think it might. In fact, I think North American energy companies have a good chance of withstanding th ...

» More Opinion & Commentary         » Write for us             RSS RSS

Oil & Gas Training

Mastering 4D Seismic
Ian Jack, London, 06 Nov 2014

Petroleum Geology of West Africa
Duncan Macgregor, London, 12 Nov 2014

Introduction to Contingency Planning: The value to oil and gas companies in high-risk areas
Mark Theobald, London, 18 Nov 2014

All Upcoming Training


Opinions & Commentary

Oil price, Schlumberger, Petrofac, Lamprell, Pantheon, Aminex and finally...

by Malcolm Graham-Wood

Read More »