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Mol, Romgaz in talks over joint exploration project in Hungary

Mol has been seeking foreign partners to jointly explore gas and oil fields in Hungary to boost its domestic output.

Mol Nyrt, Hungary's largest oil company, said it is in talks with Romania's state-owned natural gas producer Romgaz SA to start a joint gas or oil exploration project in Hungary as it seeks to share costs and risks. „Talks to this point have been very constructive” Mol spokesman Denis Mohorovic wrote in an e-mail yesterday, without saying where exploration would take place. Budapest-based Mol has been seeking foreign partners to jointly explore gas and oil fields in Hungary to boost its domestic output. The Hungarian company said September 14 it will work together with Croatia's Ina Industrija Nafte d.d. to jointly develop a gas field stretching over the two countries' border. Mol also signed an agreement with US-Hungarian venture Magyar Horizont Energia Kft to jointly explore a gas field in Komádi-Vésztő, eastern Hungary, Mol said August 28. (Bloomberg)