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MOL signs cooperation agreement with Austrian peer RAG

Hungarian oil and gas company MOL on Wednesday said it signed a declaration of intent on joint exploration and field development in Hungary with Austria's Rohol-Augfsuchungs Aktiensgesellschaft (RAG).

The aim of the cooperation is to ensure further oil and gas production from sources in Hungary and improve the country's security of supply, MOL said. The cooperation will create opportunities for both partners and allow more efficient exploration and development.

The cooperation will involve fields for which licenses have already been obtained and for which licenses have been applied for.

MOL and RAG also agreed to give each other preferential status in future activities.

RAG is Austria's oldest independent oil and gas company. It is involved in exploration and production activities in Austria, Germany, Hungary and Poland. RAG also operates one of Europe's biggest underground gas stores.

RAG and its partners aim to have combined gas storage capacity of 5 billion cubic meters by 2011.

RAG has a fully-owned Hungarian unit, RAG Hungary. (MTI-Econews)