Oil and gas group, Genel Energy spearheaded by former BP boss Tony Hayward have acquired Barrus Petroleum, a British company with business interests in Ivory Coast and Morocco.

As reported by Times on Thursday, the group paid an undisclosed amount estimated at about $50 million for offshore oil exploration licenses in Ivory Coast and Morocco.

Genel has interests in the oil-rich Kurdistan region and the acquisition is part of its expansion strategy in the Middle East and North Africa.

It would be recalled that Genel Group was formed in September 2011 following the acquisition of Genel by Vallares which was an investment vehicle – funded by Hayward, Nat Rothschild and banker Julian Metherell – prior to the merger.