MOL Group has found oil on the outskirts of Budapest.
After a successful exploratery drilling in July, MOL has discovered a significant amount of oil at a depth of 2100 metres near Vecsés. Production starts at around 500 barrels per day and is expected to increase later to 700-1,000 barrels. The production will increase MOL’s oil production by about 10 percent and Hungary’s by 5 percent. The newly developed field serves to reduce the country’s energy dependence.
MOL invested around HUF 135 billion (EUR 330.8 million) in the last five years to keep production levels stable, which would naturally fall by 15-20% annually. Last year, MOL Group produced 3.5 million barrels of crude oil and 1.4 billion cubic meters of natural gas, which corresponds to around 50% and 90% of domestic production.