02-12-2016

MOL Group Increases Production in TAL Block, Pakistan

  • Mardan Khel-1 exploration well adds approximately 10.7 mboepd to the production of TAL Block, operated by MOL
  • TAL Block’s daily average production now reaches nearly 90 mboepd
  • MOL Pakistan (subsidiary of MOL Group) has a proven track record in Pakistan since 1999

Budapest, 2nd December 2016 – Today, MOL Group announces the successful tie-in of its Mardan Khel-1 exploration well at the MOL operated TAL Block in Pakistan, bringing the block’s total production to nearly 90,000 barrels of oil equivalent.

MOL Group announced the discovery from the exploration well Mardan Khel-1 back in May 2015. The exploration well was drilled in TAL Block, located in the Khyber Pakhtunkhwa Province. With the successful tie-in of the exploration well, the block’s production grows by approximately 10,700 barrels of oil equivalent per day (boepd).

As the operating shareholder of the TAL Block, with the tie-in of the Mardan Khel-1 well MOL is currently responsible for nearly 90,000 boepd gross production (MOL’s share is 8.4%). Our partners in the joint venture consortium are OGDC, PPL, POL and GHPL. Mardan Khel-2 and Mardan Khel-3 appraisal wells were spudded, and the drilling is ongoing in line with plan.

Dr. Berislav Gašo, Executive Vice President Exploration & Production MOL Group commented: “MOL Pakistan has a successful track record in the TAL Block and we are grateful to our partners for their continued support and confidence. The tie-in will further improve the energy security of Pakistan, which is a promising and prospective country with significant remaining undeveloped resources and reserves. Our Pakistani operations are a crucial building block in our efforts to generate significant value even in the current low oil price environment and we believe that there is further upside ahead of us in Pakistan.”

MOL has a well-established, proven track record and successful presence in the country with five blocks and over 17 years of operation. MOL has made 13 discoveries since 2000 and discovered over 400 million boe on a 100% basis.