MOL to drill in North Sea

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).

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