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MOL to start production near Monor

Hungarian oil company, MOL Nyrt's management decided recently to add a new production field in the vicinity of Monor and Gomba, near Budapest.

MOL Nyrt will invest Ft 6 billion ($32 million) into the new unit, and also has plans for upgrading its oil field near Nagykanizsa, South-West Hungary, for Ft 2 billion. Some of MOL's old production areas are running too low on crude oil to allow profitable production, thus MOL will spend over Ft 10 billion ($54 million) this year on seeking new oil fields. The new Monor-Gomba field, which was discovered in 2003, has a capacity of more than one million tons of cruide oil. (Gazdasági Rádió, Magyar Hirlap)