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MOL hits expected production at Shaikan block

In Hungary

Production in the Shaikan block, a license area in the Kurdistani Region of Iraq, reached the expected 40,000 barrels of oil equivalent per day (mboepd) on December 27, Hungarian oil and gas company MOL announced today.

According to MOL’s press release, on December 29, a record number of 354 trucks were loaded with nearly 58,000 gross barrels of Shaikan crude and were sent to the Turkish coast for further export sale. Purchased stocks were also up, although they grew less than in November.

MOL on December 2 said that its partner Gulf Keystone Petroleum Limited (GKP) received an initial payment of $15 mln from the Kurdistan Regional Government (KRG) for crude oil exports. The revenue settlement between the MOL Group and GKP is expected to take place in accordance with the terms of the Production Sharing Agreement (PSA), the December 2 statement added.

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