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Hungary's MOL heads for Siberian oil field

Hungarian oil and gas company Mol Nyrt said on Tuesday it has purchased 100% of the Russian company Matjushkinskaya Vertikal LLC, which has a license to an oil field in the West Siberian region.

The field, near the city of Tomsk, located in West Siberia, one of Russia's main oil-producing provinces, has 6 million barrels of proven and probable reserves, with current daily production of 550-600 barrels, Mol Nyrt said on the website of the Budapest Stock Exchange. The 3,231 square-km oil field has significant exploration potential, is more than ten times the size of all its other oil fields in the region and is close to the Transneft pipeline, Mol said. The exploration license at the site is valid until 2010, while the production license expires in 2029. (Napi Gazdaság,