Hungary's MOL makes domestic oil discovery
Reuters
Published Nov 21, 2022 13:50
Updated Nov 21, 2022 17:41
BUDAPEST (Reuters) -Hungarian energy company MOL has made a domestic oil discovery that could raise the country's oil output by 5%, the company told state news agency MTI on Monday.
MOL said that it had struck oil 2,100 metres deep at the field in Vecses, close to Budapest, in an area where it started exploratory drilling in July.
The field started producing an initial 600 barrels per day (bpd) on Nov. 11, with plans to raise output to 700-1,000 bpd.
"Every drop of oil produced in Hungary contributes to lowering Hungary's energy dependency," MOL Chief Executive Zsolt Hernadi said in the company's statement.
Oil produced at the new Vecses-2 field will be transported to MOL's Danube refinery, the company said.
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Written By: Reuters
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