Production at Corvinus Project Gas Well Starts
Image for illustration purposes only.
Photo by P.V.R. Murty/Shutterstock.com
Production started at a gas well that uses alternative extraction technology on the outskirts of Sarkad (about 196 km southeast of Budapest) on Monday, the Ministry of Energy Affairs said, according to a report by state news wire MTI.
The well was spudded in the framework of the Corvinus Project, a scheme undertaken by a joint venture established with state-owned energy group MVM to boost domestic gas production from an annual 1.5 billion to 2 billion cubic meters using alternative extraction technologies.
The drilling of a second well at the Nyékpuszta field will start in days.
In a separate announcement, MVM said it is partnering in the 50%-50% JV with Horizon General, a unit of U.S.-based Aspect Holdings.
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.