MOL targets drilling CAPEX of $980 mln in 2013

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Hungarian oil and gas company MOL said in a drilling update on Tuesday that it plans capital expenditures on exploration activities of $980 million in 2013. MOL said it is accelerating its development and appraisal programme in the Kuridstan Region of Iraq this year. It is also testing a new exploration in Kazakhstan with prospective resources of 120m barrels of oil equivalent, undertaking further exploration and production in Russia, increasing early production of recent discoveries in Pakistan, and maximising recovery rates at matured fields in Central Eastern Europe. MOL's proven and probable reserves came to 647 million barrels of oil equivalent at the end of 2012. The amount included 10 million of new reserves in the CEE region. MOL CEO József Molnár said at a press conference on Tuesday that MOL expects production in Russia to double within about five years.

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