MOL declares Iraq oil field of commercial value

Initiatives

Hungarian oil and gas company MOL’s wholly owned unit Kalegran Ltd has declared the Akri Bijeel Block it operates in the Kurdistan region of Iraq to be of commercial value, MOL announced last week.

MOL said that the company is accelerating its work program at the bloc through the deployment of additional rigs at the location, noting that the company plans to submit the Field Development Plan for the entire bloc by the end of 2014. A recent well test produced 3,192 barrels of light-density oil.

“MOL is pleased to announce commerciality on the Akri-Bijeel block after recent successful long-term tests in our Bakrman discovery,” said MOL Exploration & Production executive vice president Alexander Dodds in announcing the results. “Meanwhile, in the Bijell area MOL identified the potential to accelerate the work program and increase the number of rigs in order to finalize the appraisal activity as soon as possible and maximize Extended Well Test production during 2014.”

Dodds added that “This declaration is another milestone in the fruitful relationship with Kurdish Regional Government which covers not only the lucrative cooperation in the oil and gas industry, but also a wider area in supporting the development of local communities.”  

MOL signed a production contract for the Akri Bijeel Block, of which the Kurdistan Regional Government of Iraq owns 20%, in 2007.

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