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Hungary's MOL teams up with ExxonMobil

Hungarian energy firm Mol Nyrt on Thursday said it had agreed to team up with ExxonMobil to research basins in Hungary for 'unconventional' potential gas resources.    

“Mol signed a Heads of Agreement with ExxonMobil subsidiary EssoInternational Limited Exploration to undertake a joint technical study of certain basins in Hungary that present significant unconventional hydrocarbon gas resource potential,” the company said in a statement on the Budapest Stock Exchange's website. Mol Nyrt said that such explorations usually needed heavy financial commitment and presented production risks, adding that ExxonMobil had extensive experience and know-how.

Hungary is currently trying to diversify its gas sources. The nation currently gets some 80% of all its natural gas from Russia and as a result suffered during a break in the Russian gas supply in 2006. MOL and the Hungarian government are looking at the Russian-backed Blue Stream pipeline, the EU-backed Nabucco pipeline and also a potential LNG pipeline from the Adriatic coastline in Croatia. (monstersandcritics.com)