MOL Budgets HUF 40 bln for Domestic Exploration in 2023

Energy Trade

Oil and gas company MOL plans to spend HUF 40 billion on exploration in Hungary next year, the upstream head for the country said on Monday, according to a report by state news wire MTI.

Speaking in Vecsés, on the outskirts of the capital, where MOL announced a discovery a week earlier, Adam Homonnay noted that the spending does not include operating costs.

He said the well in Vecseé is producing almost 600 barrels a day which is being delivered to MOL's main Danube Refinery, south of Budapest. The well is expected to operate for another 15 years, he added.

The Vecsés well is about 30km from MOL's largest source of domestic hydrocarbons: the Tóalmás-1 well which turns out 160 cubic meters a day.

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