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MOL starts crude production in field in Iraq's Kurdish region

Reuters - UK Focus

BUDAPEST, March 13 (Reuters) - Hungarian oil group MOL said on Thursday that it had started producing crude from the Bijell field in the Akri-Bijeel block that it operates in Iraq's Kurdish region.

MOL also said in a statement that its partner Gulf Keystone's last estimates for the Akri-Bijeel block's reserve potential were "very conservative."

MOL holds a 20 percent interest in the Shaikan block - operated by Gulf Keystone (LSE: GKP.L - news) - and 80 percent in Akri-Bijeel, where the Bijell field is located.

"Reserve potential estimates relating to Akri-Bijeel block in the 'Third-Party Audit' material published today by Gulf Keystone Petroleum Ltd.... does not calculate with the latest positive results and is significantly lower than the current best estimate of the Operator," MOL said in a statement.

MOL did not give an estimate for the reserve potential.