MOL to measure carbon-oxide reserves in the Szeged region
MOL has acquired the mining concession of an area near Szeged and plans to spend HUF 5.6 bln over the next three years to assess the size of the reserves, vg.hu reported yesterday.
The 350 square-kilometer area has CO reserves equivalent to 25 bln barrels of oil, according to preliminary estimates disclosed by MOL and the exploitation of these reserves could alleviate the decline in domestic (and MOL’s) oil- and gas exploitation.
The company aims to reduce the annual drop in production to below 5%. MOL is currently producing 1.5-1.8 bln cubic meters of gas – about one fifth of Hungary’s annual demand – and 50,000 tons of oil.
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