The company plans to make the acquisitions with its $2.2 billion in cash, Hayward, former boss of BP, said in Istanbul.

“Consolidation is going to take place in the region. There are 41 different entities operating in the Kurdistan region today,” Hayward said. 

“Time is right for consolidation in the Kurdistan region. You should expect to see some action around the place.”

Hayward said one third of the $2.2 billion cash will be spend on consolidation, one third on “new focus” areas and the rest on accelerating the developments of new discoveries.  

Vallares, an investment vehicle set up by Hayward, financier Nat Rothschild and banker Julian Metherell, is buying Genel in a deal that creates a Kurdistan-focused group worth $4 billion. 

Genel Energy Chairman Mehmet Sepil said Genel had invested a total of $600 million in the Kurdish region.

The company will look into other areas in the Middle East and North Africa for expansion, Hayward said.

“Another area in the Middle East where we can begin to build a position, I don’t know where it will be, because we are looking,” Hayward said.

“A company with a good operating capability, strong financial resources and a Turkish-Anglo brand has a very strong possibility for finding new business opportunities,” he said of the North Africa and Middle East region. 

The enlarged group - which will likely be big enough to enter the FTSE 100 index of blue-chip London-listed companies - will seek a premium listing in early 2012, Hayward said.