MOL Group Upstream

We have more than 80 years of experience and our diverse portfolio consists of oil and gas exploration and production assets in 13 countries with production activity in 8 countries.

 
We are committed to the key principles of sustainable operations, aiming at zero HSE incidents and accidents, protecting the environment by eliminating spills and decreasing greenhouse gas emissions by flaring and amongst other measures, by participating in the World Bank’s Zero Flaring Initiative.

Key Figures 2018: a year of strong performance

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*Gross production number 

OUTLOOK FOR 2019-2023

  • Maintain strong cost discipline, even in a high oil price environment and pursue efficiency to deliver competitively low unit direct production cost of USD 6-7/bbl on our current portfolio basis;

  • Mid-term production outlook was upgraded with additional 5-10 mboepd until 2023, through Shaikan development, extended UK plateau production, Hungarian and Pakistan optimization. This will result in maintaining our production level above 100 mboepd;

  • Generate strong cash flow, at least USD 500mn annually at USD 60/bbl Brent in the next five years;

  • Exploration CAPEX will be spent on wildcat drilling in Norway, which has the highest organic growth potential and on near-field exploration activities in the CEE, Pakistan. International field development activity will focus on delivering first gas in Kazakhstan and the Shaikan and Pearl development in Kurdistan;

  • Target 100% reserve replacement and 500 million barrels of oil equivalent (MMBOE) 2P reserves by 2023 through organic and inorganic steps.

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