ADVERTISEMENT

Mol to buy out partner in Siberian oil field

Deals

Hungarian oil and gas company Mol Nyrt has signed an agreement to buy out a stake in an oil field in Siberia from its partner, Russia's North-West Oil Group (NWOG), NWOG CEO Julija Sozina confirmed on Monday for MTI's Russian correspondent. Mol, which holds 50% of the stake in the oil field, has agreed to buy NWOG's 50% stake by year-end, Sozina said, confirming a report in Russian business daily Kommersant. Seismology measurements started at the Surgutsky-7 field in Siberia's Khantia-Mansia Autonomous District in October 2005, and test drilling is expected to start next year. The field is thought to have potential reserves - C3-category under the Russian system - of 1.9 million tons, and forecast, or D1-category, reserves of 21.4 million tons. Sozina declined to reveal the price Mol would pay for the stake. Kommersant wrote that NWOG paid $11 million for the concession in the spring of 2005, but noted it could be worth double that amount now. (Econews)

ADVERTISEMENT

Rate-setters augur slower decline in CPI in 2022 Analysis

Rate-setters augur slower decline in CPI in 2022

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

ITM, capital gov't agree on support for public transport City

ITM, capital gov't agree on support for public transport

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.