MOL and its peers around the world are re-examining their production portfolios, MOLʼs chief for exploration and production Tamás Szakál told the paper. This year, MOL targets a 5% drop in domestic hydrocarbon production, at most, Szakál said. He added that the target was “ambitious”, considering that output of fields in Hungary was winding down.
MOLʼs production still accounts for one-third of domestic gas consumption and one-tenth of oil consumption. MOL announced last week that it had “significantly reduced” the geological potential of a license it operates in the Kurdistan Region of Iraq.
MOL said it expects the completion of a report on the block to trigger write-downs of past investments there in its Q3 2015 earnings statement. The total book value of investments in the block on MOLʼs consolidated IFRS balance sheet comes to $440 mln, it added.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
