The company is committed to maintain reserve base and production level at elevated levels, it said in its Exploration and Development Update for 2011, also published on Tuesday.

“We aim to exploit the significant organic growth potential of our integrated portfolio by operating the existing asset base on maximum efficiency”, the company said.

At the same time MOL will continuously monitor the changes in external environment and is ready to commence further growth projects, depending on its capacity to generate cash flow.

MOL noted that it not just remained committed to preserve its financial stability but also continued its key development projects, thus establishing an outstanding position for the economic upturn in each business division.

MOL noted that it has continuously adjusted its operation to the external environment and became more international, more efficient and more upstream driven in the recent years.

In 2010 approximately half of the group EBITDA was generated outside Hungary and they expect the share to continue to grow in the coming years. The Upstream division’s contribution to the Group EBITDA has grown significantly in the last few years, reaching almost two-third in 2010. Downstream integration continued in order to reinforce our regional stronghold position.

In its Exploration and Development Update for 2011, also published on Tuesday, MOL said the group’s upstream portfolio is a solid basis for further growth with sizeable production in 7 countries, and further exploration potential in 12 countries.

MOL said it made significant steps towards an optimized, efficiently operated upstream portfolio in 2010. Key projects turned from field development to production phase, increasing the daily output to 144,000 barrel oil equivalent per day (boepd) and creating the basis of medium term sustainability.

MOL Group’s total approved 2P reserves estimations according to SPE guidelines were 619 MMboe as of December 31 2010, while the current best estimates of the recoverable resource potential is 1650 MMboe.

Remarkable exploration successes were achieved in the Kurdistan Region of Iraq and Pakistan in last year. These successes coupled with increasing exploration activity in the future should support our long term growth.

Regarding the downstream business MOL Group’s main goal is to reinforce its regional stronghold position by focusing on market driven developments and efficiency improvement thus exploiting the gradually improving environment. The group is focusing on exploiting further synergies through the whole value chain, elevate the efficiency of the Rijeka refinery to levels at the group’s key refineries and increase the overall efficiency of Downstream portfolio.

MOL reported unaudited consolidated net income of HUF 100.8 billion last year, up 6% from 2009. Revenue rose 29% to HUF 4.330.4 billion last year. The bottom line was hit by HUF 25.8 billion paid in crisis tax, levied on energy companies for the first time in 2010, and by HUF 35.2 billion in additional royalty payments the state was ordered to recover by the European Commission.