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)