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 Hungarian MOL could start test production in Iraq's Kurdistan region as soon as 2012

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Hungarian MOL could start test production in Iraq's Kurdistan region as soon as 2012  17.5.2011  




May 17, 2011

BUDAPEST, Hungarian oil and gas company MOL sees big opportunities in the Akri-Bijeel and Shaikan blocks in the Kurdistan region of Iraq: several exploration wells have been drilled successfully and test production could start at one of the wells as soon as next year.

The Akri-Bijeel block has about 2.5 billion barrels of oil equivalent (BOE) of which at least 20-30% can be extracted.

If the field were to produce 50m barrels it would be a success, according to experts. In Hungary, production of 1m barrels is already excellent.

The find in the Shaikan block is also outstanding and could prove to be even bigger than that in the Akri-Bijeel block.             

Hungarian MOL could start test production in Iraq's Kurdistan region of Iraq as soon as 2012.
Drilling in the blocks is expensive: the cost of a single well can reach USD 20m-40m. Three exploration wells will be drilled in the Akri-Bijeel block by the third quarter of 2012, and at least six more wells are planned.

For MOL, the Akri-Bijeel block bears more importance as the company owns a bigger share in it than in the Shaikan block. MOL is also directing the drilling in the Akri-Bijeel block.

MOL decided to acquire the two blocks in 2007, after long negotiations with the Kurdistan Regional Government.

MOL owns rights to 80% of the 889-square-kilometre Akri-Bijeel block and Gulf Keystone Petroleum International holds 20%. It completed the first exploration well there at the end of 2010. In the last phase of the test,
www.ekurd.netthe well produced 3,743 barrels of oil per day (BOPD) and 99 BOE of gas.

MOL started drilling the second exploration well in the block at the end of March.

MOL owns a 20% stake of the 283-square-kilometre Shaikan block. Its partners are Gulf Keystone Petroleum, the block's operator, and Texas Keystone.

The Shaikan-1 well, drilled last November, produced more than 4,600 BOPD. The Shaikan-2 well, drilled in March of this year, produced more than 8,000 BOPD and a daily 393 BOE, but MOL expects output to be higher in the production phase. The Shaikan-3 well produced 9,800 BOPD.

MOL also owns a 10% stake in Pearl Petroleum, a project company that has exploration and production rights for two other blocks in the Kurdistan region of Iraq: the 299-square-kilometre Khor Mor block and the 1,169-square-kilometre Chemchemal block. Production of gas and condensate and exploration are underway at the Khor Mor block. Exploration work is ongoing at the Chemchemal block. MOL's partners in Pearl are OMV (10%), Crescent Petroleum (40%) and Dana Gas (40%). MOL acquired its stake in the venture two years ago.
 

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