Good news: MOL extracts more oil in Hungary than previously hoped for

Hungary’s MOL has boosted daily production at a field in Vecsés, on the outskirts of the capital, by 600 barrels of oil with the addition of a third well, the oil and gas company said in an announcement on the website of the Budapest Stock Exchange on Wednesday.

Daily production at the Vecsés field now stands around 4,000 barrels, close to 30pc of MOL’s domestic production and 4pc of group-level production.

Archibald Schubert, managing director of MOL E+P Hungary, said the company planned to plough close to HUF 100bn into exploration and production in Hungary over the next three years.

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