Crude oil found on the outskirts of a Hungarian town

MOL, the Hungarian oil company, has discovered a significant amount of oil at a depth of 2100 metres near Vecsés, Pest county. MOL started exploratory drilling in the area in July. After carrying out the necessary tests, it proved that it had discovered a previously unknown oil field.

Previously unknown oil field in Vecsés

MOL has discovered a previously unknown oil field on the outskirts of Vecsés. The oil well, called Vecsés-2, has become MOL’s third highest yielding well in Hungary. Also, it is the only one capable of replacing the entire annual natural decline in yield of the ageing Algyő field, Index reports. The new well will start up with a production of 600 barrels per day. What is more, its planned production of 700 to 1,000 barrels per day will increase MOL’s oil production by about 10 percent and Hungary’s by 5 percent.

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The drilling started in July 2022

MOL won the exploration concession for the area around Vecsés in 2015. After preliminary geological investigations, the exploration site was selected on the outskirts of Vecsés. Drilling, which started in July, lasted 31 days and reached a depth of 2,100 metres. The well testing required at this time proved that the oil discovery was suitable for economic exploitation and the well was put into production on 11 November. The oil is transported directly to the Danube Refinery (Dunai Finomító) in Százhalombatta, napi.hu reports.

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Huge amounts of money and effort are in this project

“Every drop of oil extracted in Hungary contributes to reducing the country’s energy dependence. This is why this research success is so gratifying. The reserves currently in production are constantly running out, this is part of a natural process,” Zsolt Hernádi, CEO of MOL, said in the statement.

He added that they make huge efforts to keep production at the same level. MOL has spent HUF 133 billion over the last five years on this. If it did not, its production would fall by 15-20 percent a year. In these years, they have achieved significant successes in domestic exploration. For example, they have discovered several shallow gas fields and brought them into production, he said.