MOL to drill in North Sea

Telco

Hungarian oil and gas company MOL has received the approval to start drilling in the so-called Catcher Area located in the North Sea.

The Catcher area Field Development Plan (FDP), in which MOL possesses 20%, was approved by UK Department of Energy and Climate Change. With the peak daily production rate of 50,000 barrels, MOL is expecting to produce 96 million barrels of oil.

The project will involve the operation of 22 subsea wells (14 producers and 8 water injectors). The oil will be transported by tankers while the gas will be exported through the Shell-Esso Gas and Liquids (SEGAL) facilities.

MOL reported that the key contracts have been signed, thus the project is now in the execution phase. The first production is expected for mid-2017.

The partners in the Catcher Area project in the North Sea, are Premier Oil (Operator, 50% equity), Cairn Energy (30% equity) and MOL Group (20% equity).

ADVERTISEMENT

The New Age of Commerce is Approaching Analysis

The New Age of Commerce is Approaching

Horthy Statue to be Unveiled in Parliament Parliament

Horthy Statue to be Unveiled in Parliament

UPS Appoints Regional Director Appointments

UPS Appoints Regional Director

Completion of Metro Line M3 Renovation Delayed City

Completion of Metro Line M3 Renovation Delayed

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.