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MOL relinquishes share in Akri-Bijeel Block in Iraq

Hungarian Oil and gas company MOL reached an agreement with Gulf Keystone Petroleum and the Kurdistan Regional Governmentʼs Ministry of Natural Resources to relinquish its share in the Akri-Bijeel Block in the Kurdistan Region of Iraq, the company announced today, according to Hungarian news agency MTI.

The decision is based on a comprehensive assessment of the blockʼs potential and MOL had already alluded to it in its Q3 interim report in November 2015, according to a statement released on the Budapest Stock Exchange (BSE).

MOL and Gulf Keystone Petroleum as contractor entities signed the relinquishment and termination agreement of the production sharing contract on December 31, 2015.

MOL says it remains committed to maximizing the value of its investments in the Kurdistan Region of Iraq, among others in the Shaikan Block.