The Kurdistan Regional Government has approved a new field development plan (FDP) for an onshore block that is majorly-owned by Hungary’s MOL
According to the Hungarian firm, the regional Ministry of Natural Resources has given the green light for the field development plan (FDP) of the Akri-Bijeel Block adjacent to the region’s largest oilfield Shaikan, a year after MOL found enough oil to make the project commercially viable.
The FDP is based on two discovery areas — the Bijell and the Bakrman.
Alexander Dodds, upstream executive vice-president at MOL, said, “MOL Group is committed to maintain its presence and increase investments in the region.”
The minority partner in the Akri-Bijeel project is Gulf Keystone.
The partners will tackle the project in two phases, with the first beginning immediately and focussing on determining details such as how much oil can be recovered and overall costs.
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