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MOL Group updates on FDP for the Akri-Bijeel block in Iraq

Oilfield Technology,

MOL Kalegran Ltd and the Kurdish Ministry of Natural Resources have agreed upon a field development plan for the Akri-Bijeel block. The FDP relates to two commercial discovery areas in the Akri-Bijeel block, the Bijell and the Bakrman areas.

The two-phase development program approved today will allow MOL Kalegran Ltd (the operator) to best determine key factors such as the recovery factor.

Well testing

An extended well testing facility with 10 million boe/d capacity is already producing without any disruption on the Bijell area and the operator intends to add further temporary, rented facilities to ramp up production from both areas to 35 million boe/d in 2015.

Following the determination of the required amount of wells and other infrastructure – which will include an export pipeline and state-of-the-art Central Production Facility – the operator intends to increase production from the block to minimum of 50 million boe/d by 2017-18.

Support from the Kurdish Ministry of Natural Resources

Alexander Dodds, MOL Group Executive Vice President for E&P added: “We are extremely pleased with the principal approval for the field development plan for Akri-Bijeel Block, I have personally been involved in this initiative from the beginning. Today marks a very important step for the whole Group in such an important region, which wouldn’t have materialised without the support of the Ministry of Natural Resources. We look forward to further cooperation from all our stakeholders to achieve our ambitious production targets. I would like to reinforce MOL Group's intention to increase investment in Kurdistan, especially in view of the investor friendly policies of His Excellency Minister for Natural Resources."

MOL Kalegran Ltd. has had operations in Kurdistan since 2007 and is the operator of the Akri-Bijeel block. The Kurdistan Region of Iraq plays a significant role in MOL Group’s strategy in the MEA region, and contributes greatly to the company’s balanced international E&P portfolio.

The Kurdistan Regional Government Minister for Natural Resources HE Dr Ashti Hawrami stated: “This shall greatly contribute to the production target set by the ministry of 1 million bpd of oil. This is an excellent contribution to the exchequer.”

Adapted from press release by Cecilia Rehn

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