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Mol to join explorations in west Siberia

Hungary's oil and gas company Mol will join the Russian North-West Oil Group(SZNG) in the exploration of the west Siberian Surgutskiy-7 oil field, the company announced. The Russian company won concession for oil exploration and production last April and has already started geological works at the site in the Khanty-Mansiyskiy autonomous region. Mol said they had asked approval from the Russian authorities before entering in practical cooperation which could start next year. The Surgutskiy-7 oil field is estimated to have some 6 million tonnes of oil reserves and drillings of the first wells are scheduled for 2007, SZNG reported. Mol executives confirmed that negotiations were underway with the SZNG on joining works next year, adding that the company was also looking for other projects in the region.