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Mol signs joint gas exploration agreement with Magyar Horizont

Mol Nyrt, Hungary's largest energy company, said it signed an agreement with US-Hungarian venture Magyar Horizont Energia Kft to explore a natural gas field in eastern Hungary. The two companies will process Mol's earlier seismic data from the field at Komádi-Vésztő and plan to drill exploratory wells, Mol said in a stock exchange statement today. The project targets gas reservoirs of about 150 million cubic meters, the Hungarian company added. Mol didn't say how much the two companies will spend on the development. Mol is seeking to sign further joint exploration agreements in eastern Europe to share risks and costs, the company said in the statement. “MOL's objectives with forming partnerships on certain projects within its exploration portfolio is to share exploration risks, as well as invite and capitalize on the special technical expertise of its selected partners,” the company said. (Bloomberg)