MOL Plc mentioned it has found a brand new oil area close to Somogysámson in Western Hungary.
The corporate discovered oil at a depth of (4,100 ft) 1,250 meters throughout exploration drilling in December 2024. In response to the outcomes, the properly positioned within the Somogysámson oilfield is able to producing 1,200 barrels per day, MOL mentioned.
Manufacturing from the brand new properly is being transported by truck to the Danube Refinery in Százhalombatta and represents roughly one p.c of the MOL Group’s whole hydrocarbon manufacturing, in keeping with the discharge.
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Zsombor Marton, MOL Group Govt Vice President for Exploration and Manufacturing, mentioned, “I’m very proud to announce that, after the exploration successes of the latest years, we have now 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.”
“The truth that we achieved this success within the concession belonging to Bázakerettye, which has an nearly 100-year oil business custom, is obvious proof that there’s nonetheless potential in hydrocarbon exploration in Hungary. 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 Jap Hungary, we have now reached a five-year peak in home manufacturing,” Martona added.
“As a landlocked nation, our oil provide is essentially through pipelines and intermediaries. It’s clear that we have to scale back Hungary’s import dependence by all means accessible. We are going to proceed our investments and can proceed to do our utmost to take care of and, if doable, enhance manufacturing,” MOL Hungary COO György Bacsa mentioned.
Fourth Quarter Outcomes
Within the firm’s fourth-quarter earnings launch, it reported revenue earlier than tax decreased by 23 p.c 12 months on 12 months “nearly because of exterior environmental impacts”.
MOL’s Downstream phase carried out consistent with the corporate’s strategic targets in 2024, with a slight decline in comparison with 2023, “primarily because of the continued downtrend in refining margins and heavy turnarounds all through the primary 9 months of the 12 months,” it mentioned.
The corporate’s Upstream phase contributed considerably to group efficiency, with fourth-quarter outcomes supported by each the worth surroundings and manufacturing volumes, in keeping with the discharge.
In the meantime, MOL mentioned its Gasoline Midstream phase efficiency remained secure year-on-year, supported by increased transmission actions however impacted adversely by international change results.
MOL Chairman and CEO Zsolt Hernádisaid, “2024 was not a straightforward 12 months for MOL Group. The Ukrainian-Russian conflict nonetheless imposed challenges which we needed to sort out so as to assure the safety of provide in our international locations. Additionally, rules, authorities takes had been nonetheless shaping the panorama of our enterprise. On prime of this, the uncertainties round the entire oil business’s future have been nonetheless within the air. All of those put their marks on our profitability. Regardless of all this we managed to take care of a secure operation – of which I’m very proud. Though final 12 months the exterior surroundings restricted our development potential, we continued to selectively develop our portfolio, made progress with our strategic investments and took essential steps to additional strengthen the safety of provide within the area”.
MOL Group describes itself as a world, built-in oil, fuel, petrochemicals and shopper retail firm, headquartered in Budapest, Hungary. It operates three refineries and two petrochemical vegetation below built-in provide chain administration in Hungary, Slovakia and Croatia.
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