MOL relays production update on Kurdistan block

Automotive

Hungarian oil and gas company MOL yesterday relayed a production update from the operator of the Shaikan block in the Kurdistan Region of Iraq. MOL said operator Gulf Keystone Petroleum had said the rolling production average from the Shaikan field for the past two months had been 38,000 barrels of oil per day (bopd) and a new daily production record of 44,600 bopd was established on June 21, 2015. 

Cumulative production from the field has now surpassed 13 million barrels of oil, MOL added. Production is expected to remain within the range of 36,000-40,000 bopd between now and year end, subject to offtake, MOL said. MOL said it had received a payment of $6.7 mln under a new contract with a domestic buyer in addition to an initial payment of $4.9 mln. MOL has a 20% stake in the Shaikan block.


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