MOL said preliminary testing from the Akri-Bijeel reserve area confirmed "long-term production sustainability."
A recent well test produced 3,192 barrels of "light density oil."
"This declaration is another milestone in the fruitful relationship with the Kurdistan Regional Government, which covers not only the lucrative cooperation in the oil and gas industry, but also a wider area in supporting the development of local communities," Alexander Dodds, MOL's executive vice president for upstream operations, said in a statement Friday.
The semiautonomous Kurdish government is at odds with the federal government over who controls what aspects of the energy sector. Oil from the Kurdish north typically flows north to Turkish export terminals.
French energy company Total and U.S. counterpart Marathon said Wednesday they made an oil and natural gas discovery in the Harir reserve area in the Kurdish north. Initial testing yielded more than 11,000 barrels per day of "high quality oil" and approximately 72 million cubic feet per day of non-associated natural gas.
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