Hungarian oil firm MOL Group announced Monday that it and its partner Gulf Keystone Petroleum have decided to relinquish their respective interests in the Akri-Bijeel Block in the Kurdistan Region of Iraq.
In a statement, MOL said:
"The decision is based on a comprehensive assessment of the block potential and follows the communication made in MOL's Third Quarter Interim Management Report (November 6, 2015). MOL and Gulf Keystone Petroleum, as contractor entities, signed the Relinquishment and Termination Agreement of the Production Sharing Contract on 31 December 2015."
MOL added that it remains committed to maximize the value of its investments in the Kurdistan Region of Iraq, including the Shaikan Block.
Commenting on the announcement, Gulf Keyston CEO Jón Ferrier said in a separate statement:
"As the operator of the Shaikan Block, we continue to focus on this flagship producing asset in cooperation with our partners in the Kurdistan Region. We ended the year with stable average daily production rates of above 36,000 barrels of oil per day in December and we started 2016 with receipt of the fourth consecutive monthly payment for December Shaikan crude oil export sales."
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