Positive developments in the Kurdistan Regional Government (KRG) region of Iraq are feeding into bullish statements from MOL Group. The Hungarian company’s annual report for 2014, approved at its April annual meeting, showed that a rise in output in H2 2014 delivered 98m boe/d average production in calendar 2014, exceeding original targets. MOL reported 555m boe of 2P reserves at end-2014, with an organic reserves replacement ratio of 103%. MOL has sought to mitigate production decline and maximise cash-flow generation in the matured Central and Eastern Europe (CEE) region, while building a diversified portfolio in the KRG region, Commonwealth of Independent States (CIS) countries, Pakistan and the North Sea.
Subscribe to Gulf States Newsletter