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MOL announces approval of Akri-Bijeel field development plan

Telco

Hungarian oil and gas company MOL said Thursday that the Field Development Plan (FDP) for the Akri-Bijeel Block in Kurdistan has been officially approved by the Minister for Natural Resources of the Kurdistan Regional Government, MTI reported today.

Key terms of the related Lifting Agreement and Pipeline Construction Agreement are under discussion with the ministry, MOL added.

MOL Kalegran, a wholly owned subsidiary of MOL, has been operating in Kurdistan since 2007 and is the operator of the Akri-Bijeel Block. The FDP is based on two commercial discoveries MOL Kalegran announced in the Block, the Bijell area and the Bakrman area.

The development will be completed in two phases: the objective of phase one is to allow the operator to better determine key factors such as the reserves base, recovery factor, optimum surface facility design and overall field development costs.

Phase I will start immediately with four drilling rigs and one workover rig to help reduce the overall timeline with front-end loading wherever possible for Phase II.

Alexander Dodds, Executive Vice President for MOL Group E&P welcomed the approval and said that it is "a significant mark of appreciation for our plans of long-term close cooperation in Kurdistan, as MOL Group is committed to maintaining its presence and increasing investments in the region".

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