British energy company Genel Energy said it was buying the minority share of a Kurdish natural gas field form its partners at Austria's OMV.

Genel said it struck a deal to buy the 36 percent stake in the Bina Bawi gas field in the Kurdish north of Iraq. The British company said the deal is dependent only on the approval of the semiautonomous Kurdish government, with it expects shortly.

"The consideration comprises an upfront payment of $5 million," Genel said in a statement. "A contingent payment of $70 million is payable once gas production exceeds agreed threshold volumes from the Miran and Bina Bawi fields."

Genel in 2012 paid $156 million to take on Miran assets from Heritage Energy Middle East Ltd., a subsidiary of Heritage Oil.

The Miran contract area covers 293 square miles and contains gross resources estimated at 3.5 trillion cubic feet of natural gas and 95 million barrels of oil. OMV in 2013 said initial data from the Bina Bawi field led it to believe production could double. Its reserve estimate is at least 4 trillion cubic feet of gas.

Once the government signs off on the transfer of shares, Genel said it would offset $25 million owed by the Kurdish government for expenses at the Miran field.

The Kurdish government retains a minority stake in both fields.