Hungary’s Black Gold Rush: MOL Strikes Oil Near Budapest!
MOL and O&GD Discover New Oil Field Near Tura
In an exciting development, a new reservoir of rock oil has been successfully tapped near Tura, yielding approximately 1000 barrels per day. This discovery was made during drilling operations last summer, with the oil reserve found at a depth of 2100 meters.
MOL, in collaboration with O&GD Central Ltd. (OGD), has announced their joint exploration of this new oil deposit in Hungary. After MOL acquired a 49 percent stake in three exploration concessions previously secured by OGD, the venture involved drilling a well near Tura, in central Hungary.
The newly discovered field is currently producing around 1,000 barrels of oil per day, with OGD and MOL owning stakes of 51 percent and 49 percent respectively. For MOL, this constitutes approximately 1 percent of their average daily oil production in 2023 and 5 percent of their Hungarian oil production, with the extracted oil being processed at the Duna Refinery.
The drilling of the well began last summer, uncovering an oil reservoir at a depth of 2,100 meters. MOL’s success in the region includes the Vecsés-2 well, which has become one of the company’s most productive oil wells in Hungary, yielding 1,400 barrels per day. The partnership between O&GD and MOL emphasizes collaboration and knowledge exchange, with both parties sharing costs and risks in the exploration efforts.
György Bacsa, Managing Director of MOL Hungary, expressed pride in the team’s efforts to enhance Hungary’s access to domestic hydrocarbons. He highlighted the importance of seizing opportunities to boost domestic production and reduce reliance on imports. The successful collaboration with O&GD on the Tura project was praised as a significant achievement.
Looking ahead, MOL Hungary has ambitious investment plans, earmarking significant funds for oil and gas production in the country over the next five years. A substantial portion of this investment will be allocated to natural gas production, with a focus on infrastructure maintenance and modernization to ensure operational safety.
The discovery near Tura represents a promising step towards furthering Hungary’s energy independence and domestic production capabilities. With ongoing exploration and investment efforts, MOL and O&GD are poised to make significant contributions to the country’s oil and gas sector in the years to come.
