Hungary’s MOL Announces KRG Development Plan As Others Exit

MOL Kalegran, a 100% subsidiary of Hungary’s former state-owned firm MOL, announced on 14 August that it had agreed a Field Development Plan (FDP) with the Kurdistan Regional Government’s (KRG) Ministry of Natural Resources for the Akri-Bijeel block.

This makes it the only foreign operator in the autonomous region to stick to plan as scores of other oil companies have reduced staff and curbed activities in the face of the Jihadi threat. The company also said it intended to increase its investment in the Kurdish region.

MOL said the FDP is based on two commercial discoveries made in the block’s Bijeel and Bakrman areas. The block lies to the west of KRG capital Erbil some distance from the latest hostilities between Kurdish Peshmerga forces and Islamist militants. MOL is operator with an 80% stake. Gulf Keystone has the remaining 20% stake. (CONTINUED - 301 WORDS)