Hungary’s MOL signs contract in northern Iraq for oil field

Deals

Hungarian oil and gas giant MOL Nyrt says it has signed a production sharing contract for an oil field in northern Iraq for explorations.

MOL Nyrt will carry out a series of seismic tests in the area and has the option of drilling an optional exploration well. The 889 square kilometers Akri Bijeel block is situated about 50 kilometer north of Erbil, the capital of the Kurdistan region of Iraq.

The deal was signed with the Kurdistan Regional Government of Iraq (KRG). MOL says the government, which will retain a 20% share in the block, is capable of guaranteeing security in the region. MOL will finance all the exploration costs. (mol)

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