MOL to invest $1 billion yearly in M&A
In an extensive interview with Reuters news service released today, MOL executive VP for exploration and production Alexander Dodds revealed that the oil-and-gas giant seeks to invest a whopping $1 billion per year in expanding its operations.
The most recent acquisition by MOL involved acquisition of the assets of Wintershall in the United Kingdom Continental Shelf of the North Sea for a total of $375 million. Shortly after announcing the buyout, MOL supervisory board chairman György Mosonyi stated that MOL had “sufficient financial room for maneuvering to make further acquisitions in the coming years” and that “We have sent a signal with this first transaction. More transactions will follow, [some] in the North Sea.”
Naturally, Dodds’s sentiments are along the same lines in the Reuters interview: “[Participation in licensing rounds] will give us an opportunity to look at blocks which would be attractive to us from an exploration perspective, and […] it gives us another step in the North Sea.”
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