- The MOL has won six new licences in the fourth Hungarian hydrocarbon exploration tender
One of Pakistan’s largest operators in the exploration and production sector, with sizeable discoveries in TAL Block, the MOL Group is expanding its global presence by acquiring new concessions in different parts of the world, a press release on stated on Thursday.
The MOL Pakistan Oil and Gas Company, a subsidiary of the internationally known MOL Group has been operating in Pakistan since 1999. MOL Pakistan has a very successful track record of operations; it has operated as well as non-operated joint ventures with the local companies.
Globally, MOL Group is regarded as a market leader in the field of exploration. In what comes as a rapid expansion of its prolific portfolio, the MOL Group has acquired new licenses in Hungary and Norway. These successes of the group significantly contribute to the implementation of MOL 2030 Strategy.
The MOL has won six new licences in the fourth Hungarian hydrocarbon exploration tender and the concession contracts have been signed by the representatives of the Ministry of National Development and MOL. As a result, now the MOL can start hydrocarbon exploration on nearly 4,200 square kilometres in the area of Bázakerettye, Bucsa, Jászárokszállás, Mezőtúr, Okány-West and Zala-West, in addition to almost 4,200 square kilometres covered by the mining authority decisions, and concessions already acquired. MOL is targeting both proven exploration plays in Hungary as well as new plays which are the result of its ongoing new Trans-Pannonian Basin Study.
The Norwegian Ministry of Petroleum and Energy granted four licences to the MOL Norge on the Norwegian Continental Shelf at the 2016 APA (Award in Pre-Defined Areas) licensing round, including one with operatorship. The MOL has been granted operatorship in an additional position in the Mandal High Area, one of MOL Norge’s core areas in Norway. The partners in the new operated licence include Statoil and Petoro AS, leading national oil and gas companies in Norway. MOL has also successfully joined three licenses operated by the AkerBP.
Group Upstream Executive Vice President Dr Berislav Gašo commented, “We are very happy that we have successfully competed in the latest bid rounds in two of our core countries, doubling our exploration footprint in Hungary and adding exciting prospects in Norway with the world class partners. I am confident that the expansion of our Central Eastern European and Norwegian exploration portfolio will support the delivery of organic reserve replacement for the Group.”
