DOCUMENTS FOR THE ANNUAL GENERAL MEETING

MOL Plc. Annual General Meeting 2013 Documents
Upstream outlook
Upstream: on the way of
monetizing company
maker stories
First visible barrels in the
Kurdistan Region of Iraq
Further production growth
potential …
…in the mid-term in
Kazakhstan
…in the long-term in Russia
Pakistan: improving
production, increasing
profitability through a more
favourable oil-to-gas ratio
MOL’s upstream portfolio consists of a well-balanced mixture of
exploration assets with the capability of securing mid-term growth
and fields generating strong operating cash flows. Building on this
firm asset base, combined with relevant industry know-how, MOL
Group wishes to focus on the following areas:
De-risking of 1.6 Bboe recoverable resource potential in the
coming years with the main focus on the Kurdistan Region of Iraq
(725 Mmboe) and Kazakhstan (135 Mmboe).
Production in the Kurdistan Region of Iraq remains the key
source of growth long term. It has already manifested itself in 3
discoveries which will already ensure early production in 2013.
Active portfolio management will secure renewal of the existing
asset base with an early harvest on a secured upside.
Our work program in the Kurdistan Region of Iraq aims at securing
the first barrels from the region and reserve booking in 2013 & 2014.
On the basis of our second discovery, we will continue working
further In the Akri-Bijeel Block. Our program consists of surface
facility development for early production, completing the Bakrman-1
well test, continuation of the Bijell appraisal program by drilling 5
wells and 3D seismic acquisition.
In Shaikan, targeted increased production will take place with
surface facility construction. Subsequent to Shaikan Production
Facility-1, Shaikan Production Facility-2 is expected to be
commissioned by mid-2013. As a result the combined production
capacity will be 40,000 boepd.
There is further value in Kazakhstan’s Fedorovsky Block, where
appraisal and development activities are underway. The start of
production is currently scheduled for 2015. The Group is focusing on
drilling 3 and testing 5 appraisal wells.
In the North-Karpovsky block - which shows similarities to
neighbouring Fedorovsky - 120 Mmboe recoverable resource
potential will be tested for the first time in 2013 by testing SK-1 & -2
wells until the first half of 2014.
In Russia we maintain our long-term growth forecast. However, we
have adjusted our exploration strategy by focusing more on higher
potential mid-term projects which will result in a later than
previously expected ramp-up in production, but we are still targeting
40 mboepd peak production. As a result, more emphasis will be
placed on exploration activities in the Matjushkinsky block. In
Baitugan, production increases are expected as 40 producing and
injection wells are drilled.
In Pakistan’s Tal Block, field development is scheduled through
commissioning additional surface facilities which will trigger new
abilities to handle increasing oil and gas production. The Makori GPF
hand-over date is expected by 2013 year-end. Profitability will be
increased as production shifts to a more favourable oil-to-gas ratio.
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