In an announcement posted on its web site not too long ago, MOL introduced that it and O&GD have found a brand new oil area at a depth of roughly 2,400 meters (7,874 toes) close to Galgahévíz, Hungary.
“The Galgahévíz-4 nicely is able to producing roughly 1,000 barrels of crude oil per day, which shall be processed on the Danube Refinery in Százhalombatta,” MOL mentioned within the assertion, which highlighted that “O&GD and MOL share the extracted quantity in a 51 percent-49 % ratio”.
The Galgahévíz-4 nicely contributes roughly 0.5 % to MOL Group’s hydrocarbon manufacturing, in response to the assertion.
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“The brand new deposit contributes considerably to Hungary’s safety of provide, as home manufacturing reduces import dependency,” György Bacsa, Managing Director of MOL Hungary, mentioned within the assertion.
“Uncertainties surrounding provide routes additionally verify that the extra pipelines there are within the area, the extra sure it’s that there’ll all the time be sufficient power,” Bacsa added.
“Nevertheless, the perfect supply is all the time home, which is why MOL treats hydrocarbon exploration in Hungary as a precedence,” Bacsa went on to state.
Rigzone has contacted O&GD for touch upon the invention of the oil area. On the time of writing, the corporate has not responded to Rigzone.
The Danube Refinery began its operation in 1965, MOL’s web site states, including that the refinery belongs to MOL Plc. It is among the largest refineries within the Central and Japanese European area with a refining capability of 165,000 barrels per day, MOL’s web site notes.
In a launch posted on its web site again in March, MOL mentioned it had found a brand new oil area close to Somogysámson in Western Hungary.
“In the course of the exploration drilling carried out in December final yr, oil was discovered at a depth of 1,250 meters (4,101 toes),” the corporate mentioned in that launch.
“In line with the outcomes, the nicely situated within the Somogysámson-oilfield is ready to produce 1,200 barrels per day,” it added.
The drilling of the brand new nicely within the Somogysámson oilfield, referred to as Som-8, started on November 25, 2024, and was accomplished at Christmas after 33 days, MOL famous in that launch, which highlighted that nicely checks had been carried out till March.
“I’m very proud to announce that, after the exploration successes of the current years, we’ve got as soon as once more found a brand new oil area – this time within the Transdanubian area, the place we final found oil greater than a decade in the past,” Zsombor Marton, Government Vice President of MOL Group Exploration and Manufacturing, mentioned in that launch.
“The truth that we achieved this success within the concession belonging to Bázakerettye, which has an virtually 100-year oil business custom, is evident proof that there’s nonetheless potential in hydrocarbon exploration in Hungary,” Marton added.
“We’re discovering beforehand unknown hydrocarbon deposits one after the opposite and additional strengthening the nation’s safety of provide: with the oil deposits in Vecsés and Tura and the pure fuel fields in Japanese Hungary, we’ve got reached a five-year peak in home manufacturing,” Marton continued.
In that launch, MOL mentioned it has bold funding plans in exploration and manufacturing.
“Over the subsequent 5 years, the corporate plans to speculate roughly HUF 150 billion ($448.7 million) in oil and pure fuel manufacturing in Hungary,” the discharge famous.
MOL is the most important hydrocarbon producer in Hungary, producing at virtually 1,300 oil and pure fuel wells, the discharge said.
“In 2024, MOL offered 47 % of crude oil (virtually 600 thousand tons) and almost 90 % of pure fuel (almost 1.5 billion m3) of home manufacturing,” MOL mentioned within the launch.
“Hungary is essentially the most vital within the MOL Group’s oil and fuel manufacturing portfolio, at present accounting for about 39 % of complete manufacturing,” it added.
In its first half outcomes assertion, which was posted on its web site final month, MOL introduced that its upstream efficiency “was influenced by lowering oil and fuel costs, whereas manufacturing remained at excessive ranges”.
MOL Group revenue earlier than tax reached $236 million within the second quarter of 2025, MOL famous in that launch, highlighting that this determine was down by 56 % yr on yr “as a result of decrease working income however supported by finance beneficial properties”.
To contact the writer, e-mail andreas.exarheas@rigzone.com
