Shaikan Production to Increase to 40,000 Barrels per Day

Hungary's MOL Group reported Tuesday that the Shaikan field in Iraqi Kurdistan is set to see a leap in production from approximately 24,000 barrels of oil equivalent per day (boepd) to 40,000 boepd.

MOL said that partner Gulf Keystone Petroleum, the operator of Shaikan, has completed flowlines to connect the Shaikan-7, Shaikan-8 and Shaikan-10 wells to the existing production facilities. The flowlines are currently being hydro-tested and first oil is expected to flow to the production facilities later this month.

An amine plant is currently being tested at the PF-2 facility with a further amine plant expected to be installed at PF-1 in early 2015. These plants will sweeten the associated gas stream, allowing it to be used as fuel for the production facilities instead of diesel, MOL said.

A rig package is also being moved to a location in the vicinity of Shaikan-10 in order to drill Shaikan-11 – an additional producer. A seven-mile flowline to tie this well to PF-2 has already been laid.

Alexander Dodds, MOL's Group Executive Vice President for Upstream, commented in a company statement:

"I'm glad to see that production on Shaikan is going to increase significantly achieving our initial gross target of 40,000 boepd for the block. This will support us in reaching our production increase target on Group level as well as support the KRG to meet its ambitious export targets. We continue to focus our efforts to achieve volumetric increase in our assets in the Kurdistani Region of Iraq and also work together with the Ministry of Natural Resources in order to monetize production the most efficient way."

Gulf Keystone holds a 75-percent working interest in Shaikan, while MOL holds 20 percent.



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