Hungarian oil company MOL is targeting production growth of at least 15% next year as the company speeds up development of assets in Iraqi Kurdistan.
Longer term, the company is looking to pump 130,000 barrels of oil equivalent per day in 2018, from the current level of 95,000 boepd, on the back of output rises from Kurdistan, the North Sea and Pakistan.
MOL’s future prospects have just received a boost from Pakistan, where the group announced an oil discovery. The UK government also approved plans by MOL and partners to develop assets in the North Sea.
Group chief executive Jozsef Molnar told Upstream that MOL is targeting combined production of 110,000 boepd in 2015. The bulk of the increase will come from Iraqi Kurdistan, where MOL has an 80% interest in the the Akri-Bijeel block and 20% in the giant Shaikan licence.
MOL is currently developing Akri-Bijeel, which is expected to produce at plateau rates of 35,000 barrels a day of oil by the end of 2015.
“We are currently producing less than 10,000 barrels a day from Akri-Bijeel. We will be producing 10,000 barrels a day by the end of 2014 from four wells. We need a total of 11 wells to reach our plateau target of 35,000 barrels by the end of 2015,” Molnar said.
A full development of Akri-Bijeel will help MOL achieve combined production of 130,000 boepd from operations in Europe, Middle East, Russia and Pakistan by the end of 2018.
Most of MOL’s current production consists of gas.
“We have a strong investment and field development programme that will help us achieve our targets,” Molnar said.
“We intend to also make acquisitions either through reserves acquisition or by buying into exploration opportunities that will help increase production.”
Elsewhere, MOL expects short-term output rises from Pakistan where it is currently pumping 7000 boepd. “We can increase that to 10,000 barrels a day in the near future,” Molnar added.
MOL, which recently expanded its presence in Pakistan, said on 9 June it and partners made a significant oil discovery in Punjab.
The Ghauri joint venture made the find with the Ghauri X-1 well, which flowed oil at a rate of 5500 bpd. MOL acquired a 30% stake in the block in March.
The company expects medium-term growth to come from the North Sea where it expects to hike its share of production from 1000 bpd currently to 16,000 bpd in 2018.
“The new growth area is the North Sea where we expect to achieve production of between 16,000 barrels per day and 18,000 in four years’ time,” Molnar said.
MOL and partners have just received approval of their Catcher Area field development plan from the UK government.
MOL has a 20% stake in the Catcher project, operated by UK independent Premier Oil, that is expected to produce 96 million boepd, with a peak production rate of around 50,000 boepd.