Tag Archive | "MOL"

Video: Kurdistan is the Most Important for MOL


From ProactiveInvestors. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News.

Alexander Dodds, executive vice president of exploration and production at Hungary-based MOL Group, talks about finding the balance between high risk exploration and declining oil production.

Dodds says Kurdistan is the most important region to the company due to its size.

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Shares in GKP Jump Again on Iraq Update


By John Lee.

Shares in Gulf Keystone Petroleum (GKP) gained another 19 percent on Thursday morning, following approval of its Field Development Plan (FDP) for Akri-Bijeel, in which it holds a 20 percent working interest.

The FDP is based on these two discovery areas, i.e. Bijell area and the Bakrman area. The development will be done in two phases, phase one objective is to allow the Operator to better determine key factors such as the reserves base, recovery factor, optimum surface facility design and overall field development cost.

Phase I will start immediately with 4 drilling rigs and 1 work over rig to help reduce the overall timeline with front-end-loading wherever possible for Phase II.

John Gerstenlauer  (pictured), Chief Executive Officer of Gulf Keystone, commented:

“The approval of the Field Development Plan for the Akri-Bijeel Block is a culmination of years of exploration and appraisal, which will now lead to a development phase and production in due course. It is an important milestone for all stakeholders in the Akri-Bijeel project.”

This comes a day after a 14 percent rise in the share price after the company announced a postponement of its interim management statement.

(Sources: GKP, Yahoo!)

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Kurdistan, Hungary Seek to Strengthen Relations


The State Secretary at the Ministry of Foreign Affairs of Hungary, Mr. Zsolt Nemeth, has received the Head of the KRG Department of Foreign Relations, Minister Falah Mustafa to discuss a number of issues including ways to further enhance mutual relations. The meeting was also attended by the Hungarian Ambassador to Iraq, Mr Tibor Szatmari.

Minister Mustafa arrived in Budapest on Thursday to conduct a number of meetings with Hungarian government officials as well as to deliver a lecture at the Corvinus University in Budapest.

During the meeting both sides underlined the importance of strengthening political, economic, cultural, and educational ties. Minister Mustafa briefed the Hungarian side on the latest political developments in Kurdistan including the recently held parliamentary elections which took place on 21 September of this year.

Mr Nemeth commended the political and economic developments of the Kurdistan Region and expressed Hungary’s desire to strengthen ties with Kurdistan across a broad range of areas. “We place great value on opening our General Consulate in the Kurdistan Region because it is a safe and stable area and provides a healthy environment for investment,” Mr Nemeth said.

Minister Mustafa emphasized Kurdistan Regional Government’s desire to establish ties with the international community and expressed the full readiness of the KRG in expediting the opening of the Hungarian Consulate General in Erbil. He also touched upon the importance of establishing diplomatic presence in Erbil, saying that it would open more doors for the involvement of Hungarian companies in the economic development of Kurdistan Region. Minister Mustafa emphasized the importance of building bridges and partnerships with the international community.

Minister Mustafa said: “It is time to build upon the visit of President Barzani to Hungary last year. We see Hungary as a friend and partner of the Kurdistan Region.”

The two sides also talked about the situation of Syrian refugees in Kurdistan Region. Mr Nemeth praised KRG’s efforts in sheltering and providing humanitarian aid for refugees and expressed the readiness of Hungarian government to provide humanitarian aid to the Syrian refugees in Kurdistan Region.

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Akri Bijeel Oil Block Declared ‘Commercial’


By John Lee.

MOL Plc has informed the market that Kalegran Ltd. (a 100% subsidiary of MOL), as has officially declared the Akri Bijeel Block to be ‘commercial’, based on the discoveries made at the Bijell-1 well (pictured) in Jurassic horizons and Bakrman-1 well in Triassic horizon.

Kalegran is the Operator of the Block on behalf of the Contractor, comprising Kalegran and Gulf Keystone Petroleum International Limited (GKP).

MOL is accelerating its work program through employing additional rigs and plans to submit the Field Development Plan for the whole block by the end of 2014.

Please find below an update on its ongoing work programs in the Akri-Bijeel block:

Operational highlights:

  • Results of the Bakrman-1 exploration well: Triassic Kurra Chine B formation was subject to extended well testing from 25 July until 26 of August 2013. The well test confirmed long term production sustainability. Current tests gave maximum flow rates of 3,192 bbl/d light density oil with average 40⁰ API gravity and 10.19 MMscf/d of sour gas on 64/64″ choke. Submission of the Appraisal Work Program is due in Q4 2013. Kurra Chine B formation Discovery is subject to Appraisal Work Program which has been started with a 3D seismic acquisition fully covering the Bakrman structure. Drilling 2 appraisal wells is planned to start in 2014 and we are targeting early oil production around in the first half of 2015. Independently from the Triassic discovery, potential Jurassic reservoirs are also targets of further wells.
  • Appraisal program of Bijell-1 discovery: Kalegran Ltd and its partners are going on with the Appraisal Work Program of the Bijell Field. Extended Well Test (“EWT”) facility construction and commissioning was successfully finished. It is capable of handling up to 10,000 bbl/d gross nameplate capacity production on the Bijell-1 site. Due to technical issues a Bijell-1A well sidetrack is required (Bijell-1B), resulting in a delay to the start of the 180 day EWT, this has now been postponed to Q1 2014. Drilling of Bijell-2 appraisal well is ongoing and will be followed with two further appraisal wells. Early oil production could be resumed from Bijell-1B in Q1 2014. Expected EPF rates of 10,000 bbl of oil could be achieved by the end of 2014 through the tie in of three wells (Bijell-2, Bijell-4 and Bijell-6).
  • Rig availability: In order to efficiently progress the planned accelerated work stream we intend to employ 2 more drilling rigs than originally planned and work with 4 rigs by the end of the appraisal programs on the Akri Bijeel block.

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New Oil Find in Iraqi Kurdistan


Gulf Keystone notes today’s update by MOL Hungarian Oil and Gas Plc., the operator of the Akri-Bijeel Block in the Kurdistan Region of Iraq (in which Gulf Keystone has a 20 per cent working interest), on its extensive exploration and appraisal programme.

Bakrman-1 Exploration Well Discovery

Bakrman-1, the first exploration well to target the Bakrman structure on the Akri-Bijeel Block, has made a new Triassic discovery. This is the second discovery on the block following the Bijell discovery made in 2010.

Bakrman-1 spudded in May 2012, 32 km to the north-west of the Bijell-1 discovery well. The well was drilled to a total depth of 4,100 metres in the Kurra Chine B formation in the Triassic, following which a well testing programme commenced, targeting reservoir zones in the Jurassic and Triassic. Two open hole tests and three cased hole tests have been performed to date. According to the operator, the second open hole well test performed at 3,930-4,100 metres MD (measured depth) in the Kurra Chine B formation in the Triassic resulted in calculated daily flow rates of approximately 2,616 barrels of light (32 to 35 degrees API gravity) oil per day and a gas rate of approximately 5.86 million standard cubic feet per day. The well testing programme is ongoing and is expected to be completed in April 2013.

Gulak-1 Exploration Well

Gulak-1, the fourth exploration well to be drilled on the Akri-Bijeel block and the first exploration well to target the Gulak anticline, spudded in July 2012 and has been drilled 21 km to the east from the Bijell-1 discovery well and 5 km to the south from the Bekhme-1 exploration well to a total depth of 3,641 metres in the Kurra Chine B formation in the Triassic. The well test programme, consisting of five tests, has now been completed. In the course of the DST#4 performed at 2,385-2,420 metres MD in the Sargelu and Naokelekan formations in the Jurassic, minor inflows of between 22-30 degrees API oil were encountered. Following the completion of the DST#5, it is proposed that the well will be suspended.

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Gulf Keystone, MOL, Spud Gulak-1 Exploration Well


By John Lee.

Gulf Keystone notes today’s announcement by MOL Hungarian Oil and Gas Plc., the operator regarding the spudding of the Gulak-1 exploration well on the Akri-Bijeel block in the Kurdistan Region of Iraq.

Gulak-1 is the fourth exploration well to be drilled on the Akri-Bijeel block and the first exploration well to target the Gulak anticline at the extreme eastern end of the block.

The well is being drilled 21.4 km to the east from the Bijell-1 discovery well and 28.3 km to the east-southeast from the Bijell-3 (Aqra-1) appraisal well, which is also drilling ahead. Gulak-1 will target prospective intervals in the Jurassic and Triassic drilling to a planned total depth of approximately 3,658 metres in the Triassic Kurra Chine formation.

Gulf Keystone has a 20 per cent working interest in the Akri-Bijeel block, operated by Kalegran Ltd., a 100 per cent subsidiary of MOL Hungarian Oil and Gas Plc., which holds 80 per cent working interest in the block.

The operator’s P50 resource estimate for the Bijell discovery is 2.4 billion barrels of oil-in-place, while the ongoing 2012/13 exploration and appraisal programme is targeting existing and identified hydrocarbon prospects in the Akri-Bijeel block.

John Gerstenlauer, Gulf Keystone’s Chief Operating Officer commented:

Gulak-1 is part of the operator’s extensive exploration and appraisal programme on the massive Akri-Bijeel block and the fourteenth well to be drilled across Gulf Keystone’s four blocks in the Kurdistan Region of Iraq. In addition to three wells currently drilling on the Akri-Bijeel block (Bijell-3, Bakrman-1 and Gulak-1), the programme also includes the drilling of three additional appraisal wells (Bijell-2, Qalati-1 and Qandagul-1).

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Dunia Weekly Iraq Market Tracker


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Iraq Business News is delighted to bring you the latest Iraq Market Tracker report from Dunia Frontier Consultants. The market tracker highlights the activities and market performance of a basket of publicly traded firms who derive a significant percentage of their revenues from operations in Iraq, but are traded on foreign exchanges: a proxy Iraq play as much as practicable. It also identifies and analyzes the primary political and security events that occur in country that have market-moving implications.

Click here to access the report.

Companies Mentioned:

Afren, DNO, Exxon, Genel, Gulf Keystone, Hunt, Mol

Action Calls:

  • Reminder: Subscribe to the Market Tracker!: Market Tracker available in two subscription offerings after 25 June.
  • Governor of Ninewa reverses stance on Exxon: Political play on multiple levels.
  • Iraqi President Talabani steps back from calling NC vote: ronically, could free Maliki’s hand to go after Kurds longer term.

Headlines:

  • Population “census” running in Kirkuk: Not to be confused with THE CENSUS to determine Kirkuk’s fate.
  • PUK and Goran still far apart: Could undercut Kurdish drive for further autonomy.

Calendar Events Discussed:

  • June 21 – Parliament returns from 7 week break

Click here to access the report, or to add your email address to Dunia’s mailing list to receive the Iraq Market Tracker via email.

 

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Gulf Keystone Appoints Advisers on Akri-Bijeel Sale


Gulf Keystone has announced that it has appointed Strand Hanson Limited and Perella Weinberg Partners UK LLP as Joint Corporate Advisers with immediate effect.

Working alongside Strand Hanson, Perella Weinberg Partners will be jointly responsible for coordination of and advice on the sale of the Company’s 20 per cent working interest in the Akri-Bijeel block in the Kurdistan Region of Iraq, which is part of the Company’s Forward Strategy announced on 14 September 2011.

Gulf Keystone has a 20 per cent working interest in the Akri-Bijeel block operated by Kalegran Ltd., a 100 per cent subsidiary of MOL Hungarian Oil and Gas Plc., which holds an 80 per cent working interest in the block.

The operator’s P50 resource estimate for the Bijell discovery is 2.4 billion barrels of oil-in-place, while the ongoing 2012/13 exploration and appraisal programme is targeting existing and identified hydrocarbon prospects in the Akri-Bijeel block.

(Source: Gulf Keystone)

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