MOL issues production update for Kurdistan block
Hungarian oil and gas company MOL connected three more wells to production facilities in a license area in the Kurdistani Region of Iraq, MOL announced, confirming production in the Shaikan block, which stands at 23,000-25,000 barrels of oil equivalent per day (boepd) at present, and is expected to increase to 40,000 boepd.
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.
Hungarian oil and gas company MOL on November 13 said it would begin production at a well in the Akri-Bijeel block in Kurdistan, Iraq, by year-end.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.