MOL announces oil discovery in Hungary again

On Friday, Hungarian oil and gas company MOL announced the successful drilling of a well at an oil field in Vecsés, on the outskirts of Budapest, that it discovered in 2022.

The Vecsés-1 well’s test production started at 1,300 barrels per day, equivalent to around 1.5pc of group-level hydrocarbon production.

MOL said it expected production at Vecses-1 to increase shortly. After drilling two successful wells, a third will be drilled soon, it added.

“The discovery of the new oil field a year and a half ago proved that there is still great potential in domestic hydrocarbon exploration. And this latest discovery will add another 1,300 barrels to the daily production of the Vecsés oil field, so that the two Vecsés wells together now account for more than a quarter of Mol’s Hungarian oil production. The Vecsési field is a major contribution to compensating for the natural decline in production from our mature fields.”

– said Archibald Schubert, Managing Director of Exploration and Production at Mol Hungary.

Mol plans to invest nearly HUF 100 billion in research and production activities in Hungary over the next three years. The statement said that in the past five years, production would have fallen to two-thirds of the current level without the company’s investments of 100 billion euros. Hungary is the largest in Mol’s oil and gas production portfolio, currently accounting for nearly 40 percent of total production.

As we wrote earlier, In the vicinity of Tura, a reservoir of rock oil has been successfully tapped, details HERE.

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