MOL and O+GD discover new oil field in Hungary – updated

Hungarian oil and gas company MOL announced on Wednesday that the company and O+GD have discovered a new oil field at a depth of approximately 2,400 meters near Galgahévíz, close to Budapest.

MOL said the Galgahévíz-4 well is capable of producing approximately 1,000 barrels of crude oil per day, which will be processed at the Danube Refinery in Százhalombatta. O+GD and MOL share the extracted volume in a 51pc-49pc ratio.

“The new deposit contributes significantly to Hungary’s security of supply, as domestic production reduces import dependency. Uncertainties surrounding supply routes also confirm that the more pipelines there are in the region, the more certain it is that there will always be enough energy. However, the best source is always domestic, which is why MOL treats hydrocarbon exploration in Hungary as a priority,” managing director of MOL Hungary György Bacsa said.

MOL is the largest hydrocarbon producer in Hungary, producing from almost 1,300 crude oil and natural gas wells. The Galgahévíz-4 well contributes about 4pc to MOL’s Hungarian crude oil production and approximately 0.5pc to MOL Group’s hydrocarbon production.

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UPDATE: Hungary marks 60 years since start of production at Algyő oil field

Executives of Hungarian oil and gas company MOL, along with central and local government officials, marked the 60th anniversary of the start of production at the Algyo oil field, in the southeast of the country, at an event on Wednesday.

MOL CEO József Molnár called the field a “cornerstone” in Hungary’s energy history, producing 280 million barrels of crude and 82.5 billion cubic metres of gas over 60 years. In line with its Shape Tomorrow strategy to support sustainability and the green transition, MOL is building a 37.4 MWp solar park and a 40 MWh battery storage facility at the site of the field.

Stopping Russian energy deliveries would spell end to Hungary’s supply security, says FM Szijjártó

Minister of Foreign Affairs and Trade Péter Szijjártó said efforts to force Hungary to quit Russian energy were intended to put an end to the country’s supply security, speaking after a meeting of the Hungarian-Belarus Joint Economic Commission in Minsk on Wednesday.

In a statement issued by his ministry, Szijjártó said the parties making those efforts were “out of touch with reality”, failing to take into account facts of geography and infrastructure. “We reject those efforts. Hungary’s secure energy supply is a matter of sovereignty, of national interests,” he added.

He acknowledged Belarus’s “key role” in Hungary’s energy security and said 73pc of the country’s crude imports arrived via Belarus in 2024. He thanked the government for keeping Belarus a dependable transit country, one that “hasn’t obstructed deliveries and hasn’t charged a wartime premium, not like one of our neighbours, a European Union member, whose transit fees were quintuple the European benchmark”.

Szijjártó welcomed his counterpart’s assurances that Belarus would continue to ensure the smooth transit of deliveries bound for Hungary.

He said a sister city agreement between Paks, in Hungary, and Ostrovets, in Belarus, was “good news” in terms of advancing bilateral cooperation in the area of nuclear energy.

Szijjártó confirmed that Hungary would provide the venue for World Cup qualifier matches between Belarus and Greece and Denmark.

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