MOL issues production update for Kurdistan block

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Hungarian oil and gas company MOL connected three more wells to production facilities in a license area in the Kurdistani Region of Iraq, MOL announced, confirming production in the Shaikan block, which stands at 23,000-25,000 barrels of oil equivalent per day (boepd) at present, and is expected to increase to 40,000 boepd.

MOL on December 2 said that its partner Gulf Keystone Petroleum Limited (GKP) received an initial payment of $15 mln from the Kurdistan Regional Government (KRG) for crude oil exports. The revenue settlement between the MOL Group and GKP is expected to take place in accordance with the terms of the Production Sharing Agreement (PSA), the December 2 statement added.

Hungarian oil and gas company MOL on November 13 said it would begin production at a well in the Akri-Bijeel block in Kurdistan, Iraq, by year-end.

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