MOL strikes oil again in Hungary, boosting production by 1,300 barrels
MOL has again found crude oil in Vecsés, central Hungary, and has started trial production from the Vecsés-1 well at a production level of 1,300 barrels per day, according to a company statement. This increases the group's total hydrocarbon production by about 1.5%.
1:34 PM EDT, May 31, 2024
MOL has once again discovered oil in the Vecsés oil field in Hungary. The company expects production at Vecsés-1 to increase shortly.
"The discovery of a new oil field a year and a half ago proved that there is still great potential in hydrocarbon exploration in Hungary. The latest discovery will increase the daily production of the Vecsés field by another 1,300 barrels, making the two wells of the Vecsés field account for more than a quarter of Hungary's oil production. The Vecsés field significantly contributes to compensating for the natural depletion of our mature fields," emphasized Archibald Schubert, managing director of MOL E&P Hungary, in the statement.
Following the success of the two wells, MOL is about to start drilling a third well in the Vecsés oil field.
Mol Group annually processes an average of 14-15 million tonnes (approximately 15-17 million US tons) of crude oil in its refineries. About 9 million tonnes (approximately 10 million US tons) is Russian oil, 1 million tonnes (approximately 1.1 million US tons) comes from Hungarian and Croatian production, and the rest are alternative oils that arrive by sea and then via the Adriatic pipeline.
Oil from the Vecsés field will be transported directly to the MOL refinery in Százhalombatta.
The Százhalombatta refinery can currently process a maximum of 30–35% non-Russian oil in various mixing proportions, while the refinery in Bratislava processes only about 5%.
