Mol closes purchase of NWOG-MOL after approval by Russian competition office

Deals

Hungarian oil and gas company Mol Nyrt closed on Tuesday the purchase of 100% of NWOG-MOL from Russia's North-West Oil Group (NWOG) following approval by the Russian competition office, Mol announced on Thursday.

Mol said it would pay NWOG €12.2 million for the stake in an agreement signed on October 9. NWOG-MOL's only asset is an exploration licence for the Surgut-7 block in Western Siberia. The licence is for four years of exploration, which may be followed by 18 years of production. The cost of the work program is about €4.7 million, Mol said. The exploration area covers 330 square kilometers and is surrounded by several oil fields, including the ZMB, Malobalyk, Sredne Balyk and Chupalskoye fields with combined reserves 15 million-75 million tons. A major pipeline passes 8 kilometer from the edge of the block, and the surface facilities of the ZMB field could provide synergy in case of a discovery. "Mol assigns an important role to the acquisition of further prospects in its Russian upstream strategy, in order to establish future production. The Surgut-7 block’s geographical location, its vicinity to the ZMB field is a promising opportunity for Mol to extend its activities in Russia", Zoltán Áldott, executive vice-president of Mol's exploration and production division said in the announcement. (Mti-Eco)

ADVERTISEMENT

Climate change hurts economy, but creates new business oppor... Analysis

Climate change hurts economy, but creates new business oppor...

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Dentons rehires banking and finance partner Appointments

Dentons rehires banking and finance partner

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors

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.