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MOL's Upstream further expands to Romania

Hungarian oil and gas company MOL and its partner, Expert Petroleum, have won licenses for the three blocks they have applied for in the bid of the 10th Licensing Round of Romania announced by the Romanian National Agency for Mineral Resources (ANRM), MOL reported on Monday.

Followed by the Joint Study and Bidding Agreement signed in December 2009, MOL and Expert Petroleum (MOL 70%, EP 30% participation interest), joined the bidding process initiated by ANRM. The exploration blocks that were announced in the frame of the 10th Licensing Round are sized from 1,000 square km up to 30,000 square km. Twelve are located in the western part of the country, in the Pannonian Basin, Seven are located in Dobrogea, while eleven, reaching a total surface of 11,000 square km, are in Black Sea continental waters.

Based on the evaluation of the blocks, MOL and Expert Petroleum decided to select and bid for the most promising three blocks based in Pannonia Basin (Ex-1,Ex-5 and Ex-6). The recently obtained three exploration blocks are together 3,434 square km and located at western part of Romania.

The first working phase of the exploration is expected to start in 2011, and according to previous calculations, the blocks have a very good oil and gas potential. Some of these blocks contain an unconventional potential also. (MTI-ECONEWS)