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MOL buys stake in Cameroon oil field, plans to build power plant with CEZ

Hungarian energy giant MOL Nyrt on Tuesday announced that it has signed an agreement to acquire Tullow Oil’s 40% stake in an offshore Cameroon oil block. MOL to build power plant with CEZ.

“The Ngosso Permit is a shallow-water block in the prolific Rio del Rey Basin, in the proximity of existing oilfields in Nigeria and Cameroon,” MOL Nyrt said in a statement. MOL said that along with the block partner, Addax Petroleum, it planned to drill two wells in the last quarter of 2007 and the Q1 of 2008 to check on the “full potential of discoveries made by previous operators.” The transaction is subject to Addax Petroleum’s pre-emption right and the approval of Cameroon’s government.

MOL and Czech power utility CEZ AS, plan to build two 800-megawatt natural gas-fired power plants, in Slovakia and Hungary, MOL Chief Financial Officer József Molnár said. In a new venture, which they have been discussing for more than two months, CEZ would also buy a stake in MOL, Molnár said in an interview at a conference in Budapest today. The venture would be half-owned by each, he said. (m&, bg)