The Hungarian oil giant MOL has made a major breakthrough in reducing Hungarian energy dependence: in partnership with the oil producer and research company O&GD Central Ltd, another Hungarian company, it has uncovered a new oil deposit near Tura in Pest County, Hungary.
Test production has already started,
with the new site producing around 1,000 barrels of oil per day,
amounting to five per cent of MOL’s total daily oil production in Hungary, and one per cent of its global daily production. The crude oil extracted from the site will be processed at the nearby Danube Oil Refinery in Százhalombatta, Hungary.
There are four research concession contracts awarded in the area where the new deposit was found, the so-called Paleogene basin. One was awarded to MOL, while the other three were awarded to O&GD. However, in the summer of 2023, MOL bought a 49 per cent stake in O&GD. The new oil well, Tura-D-3, started drilling at the same time, also in 2023. It hit the new deposit around 2,100 metres (6,900 feet) below the ground in late April 2024.
‘It is particularly important for us to seize the opportunities,
increase domestic extraction and reduce Hungary’s dependence on imports,’
MOL Chief Operating Officer (COO) György Bacsa commented on the great discovery, as reported by Portfolio.hu.
Upon the news breaking, the MOL stock price rose on the Budapest Stock Exchange by 0.93 per cent. It is currently trading at around 3,030 HUF per share, giving it a market cap of around 2.4 trillion HUF ($6.6 billion).
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