Hungary’s oil revolution: MOL finds black gold near Budapest! – UPDATED with PHOTOS

In the vicinity of Tura, a reservoir of rock oil has been successfully tapped, yielding approximately 1000 barrels per day. Within the context of MOL, this translates to 500 barrels per day, constituting roughly 1 percent of the conglomerate’s average daily oil output in 2023. This promising discovery was made during drilling operations conducted last summer, revealing the oil reserve at 2100 meters.

According to Index, MOL, in collaboration with O&GD Central Ltd. (OGD), has announced its participation in exploring a new oil deposit within Hungary. The venture involved drilling a well near Tura, in central Hungary, after MOL acquired a 49 percent stake in three exploration concessions previously secured by OGD in the summer of 2023.

The newly discovered field is presently yielding approximately 1,000 barrels of oil per day, with OGD and MOL holding ownership stakes of 51 percent and 49 percent respectively. For MOL, this translates to roughly 500 barrels per day, constituting approximately 1 percent of the MOL Group’s average daily oil production in 2023 and 5 percent of its Hungarian oil production. The extracted oil undergoes processing at the Duna Refinery.

The acquisition of O&GD

The drilling of the well commenced last summer. Reaching a depth of 2,100 meters, the Tura-D-3 well unveiled an oil reservoir. An article from Economx highlights the Paleogene basin, a geological formation situated near Budapest, boasting four exploration concessions, with MOL securing the Dány area.

Noteworthy achievements in 2022 include MOL’s success in the region: the Vecsés-2 well within the discovered oil field has emerged as one of the company’s most prolific oil wells in Hungary, yielding 1,400 barrels per day. Additionally, the nearby Tóalmás-Észak oil field, operational since 2016, continues to contribute to MOL’s success in the area.

O&GD secured three exploration concessions (Mogyoród, Nagykáta, and Ócsa) prior to MOL acquiring a 49-percent stake in them during the summer of 2023, following regulatory approvals. This partnership emphasises professional collaboration and knowledge exchange, with both parties jointly identifying drill-ready targets and sharing costs and risks.

O&GD operates the Tura project, overseeing its execution, while MOL actively participates in decision-making. The drilling of the Tura-D-3 well commenced last summer, revealing oil at a depth of 2,100 meters. Presently, the well yields approximately 1,000 barrels of oil per day, with O&GD and MOL owning shares of 51 and 49 percent respectively in the output.

György Bacsa, the Managing Director of MOL Hungary, expressed profound pride in the relentless efforts of the exploration and production team, emphasising their dedication to bolstering Hungary’s access to domestic hydrocarbons. Bacsa underscored the significance of capitalising on opportunities to enhance domestic production and diminish reliance on imports.

The success of the Tura, a testament to effective collaboration with O&GD, was hailed as a milestone achievement. Bacsa disclosed MOL Hungary’s ambitious investment plans, earmarking hundreds of billions of forints for oil and gas production in the country over the next five years.

A substantial portion of this investment, approximately 60-65 percent, will be directed towards natural gas, with 20-25 percent allocated for oil production, and the remainder slated for the upkeep and modernisation of infrastructure, ensuring continued operational safety.

UPDATE: PHOTOS

Read also:

• Expansion plans for potentially harmful battery plant fly under the radar in Hungary – HERE
• Budapest Airport: Last traffic restrictions before roadworks are completed – HERE