The Hungarian oil company MOL has discovered a new crude oil field in Western Hungary, near the village of Somogysámson in Somogy County. According to MOL’s press release published on Tuesday, 18 March, the company was doing discovery drilling in the region last December when it hit a new oil deposit 4,100 feet (1,250 metres) below the ground.
The new deposit is able to produce up to 1,200 barrels a day. That is a remarkable 5.5 per cent addition to the 22,000 barrels of crude oil per day produced by Hungary as of November 2024 (according to TradingEconomics.com). Upon the news breaking, MOL stock rose 0.63 per cent in value on the Budapest Stock Exchange by market close.
‘I am very proud to announce that, after our successes in exploration in recent years, we have once again discovered a new oil field, this time in the Transdanubian region, where we last discovered oil more than a decade ago.
The fact that we achieved this success in the concession belonging to Bázakeretty, a field with almost 100 years of oil industry tradition, is clear proof that there is still potential for hydrocarbon exploration in Hungary. We are discovering more and more unknown hydrocarbon deposits and further strengthening the country’s security of supply: with the oil deposits in Vecsés and Tura and the natural gas fields in Eastern Hungary, we have reached a 5-year peak in domestic production,’ Executive Vice President in charge of Exploration & Production for MOL Zsombor Marton said in the public statement.
The discovery of the oil field in Tura, also by MOL, was announced less than a year ago, in May 2024.
Related articles:
