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.