June 20, 2024
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HomeUncategorizedHungary: MOL discovers oil in Vesces 

Hungary: MOL discovers oil in Vesces 

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Energy group MOL has drilled a new oil well in Vecses, in central Hungary, to further explore and increase production from the oil field discovered in 2022. The Vesces-1 well started with a test production of 1,300 barrels per day, increasing MOL Hungary’s oil production by approximately 11 percent and Hungary’s oil production by 6 percent. MOL will soon begin drilling a third well following the two successful drillings so far.

The drilling, which started in January, lasted 41 days and reached a depth of 2,000 metres. The test production of the well, named Vesces-1, began on May 19, 2024, with a production rate of 1,300 barrels per day, which can be further increased. The oil will be transported directly to MOL’s refinery in Százhalombatta for processing.

 

“The discovery of the new oil field a year and a half ago proved that there is still great potential in domestic hydrocarbon exploration,” said Archibald Schubert, Managing Director of MOL E&P Hungary. “And this latest discovery will add another 1,300 barrels to the daily production of the Vesces oil field, so that the two Vesces wells together now account for over a quarter of MOL’s Hungarian oil production. The Vesces field is a major contribution to compensating for the natural decline in production from our mature fields.”

 

“MOL’s primary task is to produce energy and keep Hungary moving,” added Dr. György Bacsa, Managing Director of MOL Hungary. “While we are supporting the success of the green energy transition with new innovative technologies, including a lithium exploration project, we are further strengthening the security of supply through our traditional businesses. We are not stopping there; a few weeks ago we announced the start of oil production in Tura, and now the second oil well in Vesces has also commenced trial production. Every barrel of oil produced in Hungary contributes to reducing import dependency, so we intend to continue to maximise the potential of domestic hydrocarbon exploration.”

 

MOL plans to invest nearly 100 billion Hungarian forints (256.2 million euros) in exploration and production activities in Hungary over the next three years. According to the company, production would have fallen to two-thirds of its current level in the past five years without MOL’s investments, which clearly shows that, from a supply security perspective, it is of paramount importance that they can provide adequate resources for exploration and production activities, ceenergynews.com reports.

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