MOL teams up with ExxonMobil, Falcon to explore oil and gas in Hungary


Hungarian oil and gas company MOL said Monday it is teaming up with ExxonMobil and the UK’s Falcon Oil and Gas to explore for hydrocarbons in the Mako Trough.

MOL said it signed an agreement on April 11 with ExxonMobil’s Hungarian unit to start a joint exploration work program in 1,560 square kilometers of the Mako Trough in Hungary. ExxonMobil will fund the work program and receive a 50% interest in the area upon its completion. MOL will retain the remaining 50%. ExxonMobil plans to spud the first wells in 2008 and conduct well testing and reservoir evaluation studies over two to three years.

MOL also said Monday that it acquired half of ExxonMobil’s interest in another concession area of the Mako Trough, thereby becoming a one-third partner in a joint exploration program with ExxonMobil and Falcon Oil and Gas unit TXM Exploration, which also each hold one-third interests. Under the terms of the agreement, ExxonMobil will start testing existing wells and/or drill additional wells in 2008. ExxonMobil and MOL will share in equal part the $75 million cost of the initial testing phase. (Mti-Econews)

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