Oil and gas company MOL Norge AS, subsidiary of Hungarian MOL Group, has discovered oil and gas in an offshore field located about 200 kilometres west of Stavanger, in the Norwegian part of the North Sea.
The exploration well was drilled to a maximum depth of 2,652 metres below the sea level and oil and gas were found in a number of formations and were successfully tested for about 3,463 barrels of oil equivalent per day.
The potential resources discovered in the main formation are between 12 and 71 million barrels of oil and gas equivalent. As stated by the company, the commerciality of the discovery will be determined later, following additional technical work.
MOL Group entered Norway in 2015, through the acquisition of 100 per cent ownership of Norwegian operator Ithaca Petroleum Norge. The drilling program began in 2018, aimed at supporting delivery of organic reserve replacement for the Group.