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MOL discovers oil in Siberia

Hungarian oil and gas company MOL on Thursday said it discovered oil at a block it owns rights for in Siberia.

MOL discovered promising oil potential at a depth of 2,650 meters in Russia’s Matyushkinskaya block. Production is expected to start in Q3 2008. MOL acquired 100% of Matyushkinskaya Vertikal, the company that holds exploration and production rights for the 3,200-square-kilometer block, in April 2007. (MTI-Econews)