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MOL: Kurdistan pays $15 mln for oil exports

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Hungarian oil and gas company MOL today announced in a statement 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 statement added.

“We are extremely pleased to see this payment and we are fully confident that the KRG is about to establish a pattern of regular payments for export crude sales in-line with their recent announcement. We continue to concentrate all of our efforts to maximize production both from the Akri-Bijeel and the Shaikan blocks in order to support the KRG to meet its ambitious export targets” Alexander Dodds, Group Executive Vice President for Upstream was cited in the statement.

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.

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