MOL will hold a 20% paying (16% participating) interest in the block. In return, Gulf Keystone has agreed to acquire a 20% share in the MOL-operated Akri-Bijeel Block in Kurdistan.
The planned work program includes 100km of high quality 2D seismic acquisition and the drilling of one exploration well. In case of successful exploration activity good quality oil production is expected.
Zoltan Aldott, executive vice president of the exploration and production division of MOL, said: After signing the Akri-Bijeel Block production sharing contract, MOL’s intention was to participate in the Gulf Keystone operated Shaikan Block as well with 20% to continue to build a portfolio and share the exploration risk. To reduce our exposure we invited Gulf Keystone into Akri-Bijeel Block with the same percentage. The two blocks are in neighboring position, which gives the opportunity for close cooperation in the operation.
