Hungary

Operating company:
MOL Nyrt.
Headquarters: Budapest
Number of employees: ~850
2P Reserves (2022 YE):
56.5 MMboe
Production (2022):
33.9 mboepd

The Pannonian Basin is the home turf for MOL Group Exploration & Production, having accumulated over 85 years of experience in conventional exploration and field development. Hungary is still the backbone and one of MOL Group’s core countries in terms of production and reserves on portfolio level, and a significant contributor to MOL’s cash flow generation. The extensive geological knowledge of the country and a well-developed existing surface infrastructure supports a sustainable and efficient operation.

MOL Hungary accounts for almost 40% of MOL Group’s hydrocarbon production, with more than 1000 producing wells. Production is concentrated to Central, South and East Hungary, with ~80% of total production. Field development efforts are ongoing across the country (e. g. MOL-INA cross-border Somogy Project, Szank, Algyő, Körösújfalu, Tóalmás etc.)

Exploration Program

MOL Hungary’s net exploration acreage covers around 7,000 km2, focused around three areas: Dráva and Zala Basins in the Western part of the country, central Hungary with the Paleogene basin representing an oil province, and various areas in Eastern Hungary, mainly focusing on gas exploration.

In 2023 the Shallow Gas exploration program continued with several drillings. All of them were successful and tied in to support Hungarian supply security. MOL Hungary has achieved success in conventional exploration as well in the so-called Paleogene basin. Vecsés-1 appraisal well was put in production, and Tura-D3, drilled in partnership with OGD, also discovered oil. Seismic campaign was also carried out last year, with 3D acquisitions at South Alföld and West Hungary. In December 2023, two geothermal exploration licenses were granted.

 
e_p_hungary_2-z1p4xitrfs.jpg
e_p_hungary_2-z1p4xitrfs.jpg

Field development and Production Optimization

During 2023 field development activities also continued, all 2023’s wells are on-production now. MOL Hungary and INA’s cross border project’s mechanical completion was achieved, and gas production has already started. The production optimization program continued, supporting to decrease base-line decline.

PRIORITIES FOR UPCOMING YEARS

  • Supply security in the Central and Eastern European region: increasing production

  • Infrastructure simplification, energy efficiency

  • Carbon neutral projects: geothermal and lithium production

 

For details of other E&P operations, please click on the highlighted countries below: