Wednesday, April 10, 2024
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HomeOil EconomyPetroleum & GasGenel Eyes New Age as Takeover Target

Genel Eyes New Age as Takeover Target

In The News

Genel Energy is reportedly on the takeover hunt. With so many small operators struggling due to today’s current low oil prices, plenty of options exist. Genel’s takeover target at this time is Africa-focused exploration company New Age. Talks with New Age are at an early stage, and according to Genel the talks with the company are just one of many conversations taking place.

Genel’s oil production is currently focused on Kurdistan, but it has a string of exploration assets in Somaliland, Morocco, Cote d’Ivoire and elsewhere in Africa. One banker described the company as a ‘good fit’ with New Age, which has a similar geographic profile, operating across Africa and in Kurdistan.

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