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MOL relays production, marketing update on Kurdistan block

Deals

 Hungarian oil and gas company MOL today relayed a production and marketing update from the operator of the Shaikan block in the Kurdistan Region of Iraq, Hungarian news agency MTI reported.

MOL said operator Gulf Keystone Petroleum had confirmed that it will continue to produce more than gross 40,000 barrels of oil equivalent per day (boepd).

As a result of the continuing dialogue with the Kurdistan Regional Governmentʼs Ministry of Natural Resources to establish a regular payment cycle for all oil sales both current and historic, Gulf Keystone Petroleum and MOL have now adopted a diversified marketing strategy, MOL said.

Currently sales of Shaikan oil comprise crude oil export deliveries by truck to the Turkish coast and sales to a domestic buyer under a new six-month contract for offtake of between 12,000 and 40,000 boepd, MOL said. Total payments of gross $9.8 mln for domestic deliveries, comprising gross $4.9 mln for deliveries in 2014 and gross $4.9 mln as a first payment for deliveries under the new six-month contract have been received by the operator, MOL added.

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