Hungarian MVM Group has started natural gas exploration in the Berettyoujfalu. Three wells have already been drilled as part of the natural gas exploration and production project, which began in December 2023. A fourth well was drilled in February 2024, after which, in a favourable scenario, a new work program will be launched to drill another eight to ten wells.
MVM Group said that it started its upstream activities at the end of last year, a new element in its portfolio that also represents an important milestone in the company’s organizational structure. The successes of the Corvinus and Berettyoujfalu projects will enable the MVM Group’s upstream activities to contribute to achieving the goals of the National Energy Strategy and increasing domestic gas production.
In line with MVM’s new strategy, the company intends to further expand its involvement and presence in the upstream sector. The upstream business they launched will ensure that the key objectives of the National Energy Strategy, in force since January 2020, can be achieved. These are to reduce the vulnerability of domestic gas supply and strengthen energy sovereignty and energy security.
As the first two elements of the upstream strategy, the Group holds 50% stakes in the Corvinus and Berettyoujfalu hydrocarbon exploration and production projects, which have now achieved good results.
