MOL acquires more Norwegian exploration licenses

Int’l Relations

Ministry of Foreign Affairs and Trade

Hungarian oil and gas company MOL has won three more offshore hydrocarbon exploration and production licenses in Norway, raising the total it owns in the country to 20, Minister of Foreign Affairs and Trade Péter Szijjártó said after talks in Tromso, Norway, on Tuesday.   

Péter Szijjártó speaks in Tromso, Norway (photo: Ministry of Foreign Affairs and Trade).

“MOL will be spending USD 500 million on exploration in Norway over the next five years. The new exploration licenses off the coast of Norway conceal over 750 mln barrels of geological wealth, and the latest Norwegian licenses mean the MOL Group’s global exploration portfolio has doubled,” Szijjártó was quoted by official government website as telling Hungarian news agency MTI on Tuesday, following negotiations in Tromso, northern Norway.

“As one of Europe’s largest exporters of natural gas, Norway could also play an important role in ensuring Hungary’s gas supply in future,” he added. “We would like to be able to count on Norwegian gas in future as one of the new sources of the diversification of Hungary’s gas supply. This requires Central European infrastructure to be capable of accepting and using liquefied natural gas (LNG).”

Szijjártó was cited as saying that his Norwegian negotiating partners are “fully open” to the possibility of supplying LNG to Hungary, either through an expanded terminal in Poland or a new terminal in Croatia.

Speaking at the Arctic Frontiers Conference in Tromso on the sustainable development of the Arctic region, the minister said Hungary has committed itself to both increasing competitiveness and protecting the environment in a balanced manner.

“What happens in the Arctic region not only affects the Arctic, but the whole world, and primarily Europe. Although a new trade route could open up if the Arctic Sea route become fully navigable, global warming and the melting of the Arctic ice cap and the resulting rise in sea levels is affecting the whole world,” he observed.

During his visit, the minister also met with Norwegian Minister of Foreign Affairs Ine Marie Eriksen Soreide, reported. The parties agreed that the two countries will mutually support each other’s endeavors within the United Nations, and accordingly Hungary will support Norway’s bid for membership of the Security Council for the 2021-22 session.

Duna House Announces Launch of Energy Efficiency Business Green Energy

Duna House Announces Launch of Energy Efficiency Business

Hungary Backs French Initiative for Cultured Meat Review EU

Hungary Backs French Initiative for Cultured Meat Review

Regus Fészek Office Building Opens in Pécs Office Market

Regus Fészek Office Building Opens in Pécs

Budapest 14th in Sports Cities Ranking City

Budapest 14th in Sports Cities Ranking


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.