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MOL discovers new oil field in Hungary with O&GD

MOL, together with O&GD Central of Hungary (“OGD”), has successfully drilled a well in Central Hungary, near the settlement of Tura, after MOL acquired a 49 per cent interest in three exploration concessions previously won by OGD in the summer of 2023.

The new deposit is currently producing around 1,000 barrels of oil per day, which OGD and MOL share pro rata to their respective 51-49 per cent ownership stake. For MOL, this represents about 500 barrels per day, which is circa 1 per cent of MOL Group’s average daily oil production in 2023.

“It is particularly important for us to seize opportunities, increase domestic production volume, and reduce Hungary’s dependence on imports. The discovery in Tura is the result of effective professional cooperation: we are delighted that our joint research with O&GD has led to success so quickly,” said Dr György Bacsa, CEO of MOL Hungary.

“We considered it a significant success that MOL, a leading energy company in the region, joined as a partner in three of our concessions, and we can capitalize on our joint efforts with production in a short period of time. I am convinced that our cooperation will not only be beneficial for both companies but will also contribute to ensuring the Hungarian energy supply, thus serving the most fundamental interests of consumers,” added Dr András Csapó, CEO of O&GD.

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