MOL well in Kurdistan to start production by year-end
Hungarian oil and gas company MOL will start production at a well in the Akri-Bijeel block in Kurdistan, Iraq, by year-end, the company's head of exploration and production said in Erbil, Kurdistan, yesterday.
Alexander Dodds said the Bijelol-1 well would start producing 2,300 barrels of crude a day, but production could reach a daily 10,000 barrels in the short term. A well in the Bakrman area of the block could start producing 2,000 barrels a day in Q2 2015, while total production of the block could reach 35,000 barrels a day by the end of next year, he added.
MOL plans to spend USD 500m on its programmes in the Akri-Bijeel and nearby Shaikan block next year. It is the operator of the Akri-Bijeel block, with an 80% stake. Its stake in the Shaikan block is 20%. MOL's partners in both blocks is Gulf Keystone Petroleum. Production in the Shaikan block stands at 25,000 barrels a day at present, but could reach 40,000 by year end as another three wells are put into operation.
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