MOL discovers new oil field in western Hungary

Hungarian oil and gas company MOL has discovered a new oil field near the town of Somogysámson in western Hungary. The company said today in a press release sent to the Czech News Agency (ČTK). Production from the field could reach 1200 barrels of oil per day, equivalent to around one percent of the company’s total hydrocarbon production.

MOL Group Executive Vice President for Exploration and Production Zsombor Marton said the discovery was clear evidence of further potential for oil and gas production in Hungary. He added that, thanks to oil deposits in Vecsés and Tura and natural gas fields in eastern Hungary, the company had increased domestic production to its highest level in five years.

MOL is Hungary’s largest hydrocarbon producer and operates nearly 1300 oil and gas wells. Last year, the company accounted for 47 percent of domestic oil production, almost 600 000 tonnes, and around 90 percent of domestic natural gas production, about 1.5 billion cubic metres. Hungary currently accounts for around 39 percent of MOL’s total oil and gas production. Over the next five years, MOL plans to invest 150 billion forints (9.5 billion CZK) in oil and natural gas production in Hungary.

MOL has oil and gas exploration and production assets in nine countries and actively produces oil and gas in eight of them. Last year, the company’s average daily production was 93 800 barrels of oil equivalent. The company also operates refineries and petrochemical plants, as well as a network of filling stations. It operates in more than 30 countries worldwide, including Czechia, where it is the second-largest filling station network operator after Poland’s Orlen.