MOL Completes Divestment of U.K. Upstream Assets
Hungarian oil and gas company MOL on Thursday said it successfully closed the sale of all of its upstream assets in the United Kingdom to Waldorf Production Limited, according to a report by state news wire MTI.
Waldorf Production agreed on a base cash consideration of USD 305 million, subject to customary purchase price adjustments and based on an economic effective date of January 1, 2021, MOL said.
The agreement also contains an earn-out scheme mainly dependent on oil prices during 2022-2025, it added.
When it announced the agreement on the sale in March, MOL said production of its U.K. assets had peaked above 18,000 barrels of oil equivalent per day in 2019 and had fallen for two years.
Report Points to Increased Risk on Commercial Real Estate Ma...
Chinese President to Visit Budapest in May
Hungarian Gen Z Auto-buyers Prioritize Affordability
Liz & Chain Rooftop Bar Debuts Sustainable Cocktails
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.
