MOL has a 100% paying interest and an 80% participating share, with a 20% regional government carried share in the block. The planned work program includes 200km of high-quality 2D seismic acquisition and the opportunity of drilling an optional 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: The Middle East is one of the main focus areas of MOL’s international upstream activity. The geological features of the Kurdistan Region are under-explored, for previous political reasons. The Kurdistan Region therefore provides a unique opportunity for MOL to further increase its Middle East portfolio with an attractive exploration portfolio element. MOL is proud that in spite of the harsh competition it was able to secure its position in the region.
