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Gulf Keystone, the operator of the Shaikan Block in the Kurdistan Region of Iraq in which Hungarian oil and gas company MOL has a 20% working interest, announced the approval of the Field Development Plan, MOL announced on Wednesday.
Based on Keystone's current development plans, the total production capacity of the Shaikan Block will be 40,000 barrels per day (bpd) in the first phase, increasing to 150,000 bpd in the next three years and to 250,000 bpd by 2018.