Total Snubs Iraqi Ultimatum With $48M Kurdish Oil Deal

Law360, New York (August 20, 2012, 2:31 PM EDT) -- Two weeks after angering Iraqi officials by buying into oil projects in semi-autonomous Kurdistan, French energy firm Total SA is at it again, agreeing Monday to take a minority stake in an early-stage Kurdish field for $48 million.

Canada’s ShaMaran Petroleum Corp. said in a statement that it had sold Total its 20 percent stake in the Taza field, where exploratory wells are just starting to tap oil. In buying into the field, Total shrugs off an ultimatum from Iraq’s oil ministry, which told the company...
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