MOL celebrates 8 decades of domestic oil and gas production

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This year MOL celebrates 80 years since it started domestic hydrocarbon production. The first well started operating at Budafapuszta (240 km southwest of Budapest), in Zala County.

Tamás Szakál, director of research and production, said at the ceremony celebrating 80 years of production in Hungary that MOL currently ships one fifth of residential gas consumption and one  tenth of residential oil consumption in Hungary. MOL marked the anniversary close to the aforementioned first well in Budafapuszta, according to a press release sent to the Budapest Business Journal.

MOL announced in February that it has acquired six new licenses in Hungary, for prospecting, exploration and production over almost 4,200 square kilometers in the areas of Bázakerettye, Bucsa, Jászárokszállás, Mezőtúr, Okány-West and Zala-West.

Last year, MOL produced 112,000 barrels of oil equivalent per day (BOE/D), of which licenses in Hungary accounted for 44,400 BOE/D.

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