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MOL announces discovery in Norwegian North Sea

Hungarian oil and gas company MOL on Wednesday announced an offshore discovery in the Norwegian North Sea, state news wire MTI reports.

Preliminary evaluation of the main discovery shows recoverable resources between 12 million and 71 million barrels of oil equivalent, MOL said.

The successful test at the main discovery produced a combined oil and gas maximum flow rate of 550.6 cubic meters per day, or 3,463 barrels of oil equivalent per day, it added.

"The discovery is consistent with MOL’s stated strategy of replenishing reserves through a combination of exploration and acquisitions," the company said.