ADVERTISEMENT

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

Initiatives

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)

ADVERTISEMENT

Purchasing Managers' Index rises Analysis

Purchasing Managers' Index rises

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

New Jewish cultural hub opens in Budapest City

New Jewish cultural hub opens in Budapest

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.