MOL cuts crude forecasts on low Iraq output

Deals

MOL has cut its crude oil production forecasts mainly due to lower-than-expected output from its fields in the Kurdistan region of Iraq, which had been seen as an important growth driver for its upstream business. Output was expected to fall to 91,000 to 96,000 barrels per day (bpd) this year from 96,900 in the fourth quarter of last year, before growing again in 2015, MOL said in an investor presentation Tuesday.

Production will rise to 105,000 to 110,000 bpd in 2015 and peak at about 125,000-135,000 by 2018, based on its current upstream portfolio, MOL reported. The new forecast is far lower than a 170,000 to 180,000 bpd target set out in an investor presentation in November 2013, although it was not immediately clear whether that number had included potential new acquisitions.

The company, which paid $375 million for 14 exploration licenses in the North Sea last year, announced the focus for MOL is now on Pakistan, former Soviet states and the North Sea for future acquisition.

MOL, which has exploration projects in over a dozen countries from Cameroon to Oman, saw its production decline an annual 10% in 2013. Net income in the fourth quarter plunged to HUF 4.9 billion ($21.8 million) from HUF 9.5 billion a year earlier.

ADVERTISEMENT

Number of Road Accidents Involving Injury Edges Higher in Q3 Figures

Number of Road Accidents Involving Injury Edges Higher in Q3

Gov't Keeps Rate on General-purpose Student Loans at 7.99% Government

Gov't Keeps Rate on General-purpose Student Loans at 7.99%

Hungarian Companies Participate in EU Cloud Computing Projec... Innovation

Hungarian Companies Participate in EU Cloud Computing Projec...

Budapest Police Seize Nearly 155 kg of Cocaine in Drug Bust City

Budapest Police Seize Nearly 155 kg of Cocaine in Drug Bust

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 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.