MOL Relinquishes Akri-Bijeel Licence

By John Lee.

MOL Hungarian Oil and Gas Plc has announced that, in agreement with its partners Gulf Keystone Petroleum (GKP) and the Kurdistan Regional Government's Ministry of Natural Resources, it has decided to relinquish the Akri-Bijeel Block in the Kurdistan Region of Iraq.

The company said its decision was based on a comprehensive assessment of the block potential, and said it remains committed to maximizing the value of its investments in the Kurdistan Region of Iraq, among others in the Shaikan Block.

(Source: GKP)