MOL to ramp up production, maximize portfolio value

Hungaryʼs MOL plans to ramp up production and “maximize economic value” of its portfolio, the oil and gas company said in a production update published early today.

Production is set to increase further to 105,000-110,000 barrels of oil equivalent per day in 2016 and 2017, and to 110,000-115,000 BOEPD in 2018, MOL said in the update, released at the same time as its fourth-quarter earnings report.

“The majority of MOL’s portfolio has the potential to generate cash even in the currently low oil price environment,” MOL said in the update, adding that it would “pursue a systematic approach to enhance production rates and maximize recovery in high-margin CEE fields”.

MOL said it will continue development programs in low-cost fields in Russia and Pakistan, while ensuring increased contribution from recently sanctioned development and infill projects in the UK.

Efficiency improvements across the whole organisation are expected to generate cost savings of $80-100 million, MOL said.

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