​MOL finds oil in southwest Hungary

MOL has discovered a new oil field in the southwest part of the county (Somogysamson) with a potential production capacity of 1,200 barrels per day (bpd).

The company struck oil at a depth of 1,250 metres during an exploratory drilling operation conducted in December.

The crude oil extracted from the new well will be transported to the Danube Refinery near the capital, which will account for 1% of the company’s total hydrocarbon production.

The discovery was made in a region where the company had not found oil for several decades, Zsombor Marton, executive VP of MOL’s upstream division said, adding that with oil fields MOL’s domestic hydrocarbon production is at a five-year high with recent discoveries of the oil field in Vecses and Tura.

Last year, MOL accounted for 47% of Hungary’s domestic crude oil production nearly 600,000 tonnes and approximately 90% of the country’s natural gas production, around 1.5bn cubic metres.

Domestic production accounts for around 40% of MOL Group's upstream portfolio at present, but the company plans to increase that level over the next five years by investing hundreds of billions of forints into upstream.

Around two-thirds (60-65%) of that amount will be directed for gas exploration, 20-25% for oil and the rest will be earmarked for maintenance.

The company has won several concessions in recent years and is currently exploring gas on a 5,500-square km area.

MOL's upstream division reported EBITDA of $1.1bn in 2024, up 10%, which accounted for 35% of the total $3.07bn.