Mol finds oil in the Vecsés oil field again
Mol has drilled a new exploration well in Vecsés in central Hungary to further explore an oil field discovered in 2022. The drilling, which started in January, lasted 41 days and reached a depth of 2,000 metres. Test production from the well, named Vecsés-1, began on 19 May 2024. As a result of the discovery, the well started with a test production of 1,300 barrels per day, making it Mol's second highest-yielding oil well in Hungary, increasing the Mol Group's total hydrocarbon production by about 1.5%. As with the previous Vecsés-2 well, the oil will be transported directly to the Dunai Refinery in Százhalombatta for processing.
Mol expects Vecsés-1 production to increase in the near future.
Following the two previous successful drilling operations, Mol will soon start drilling a third well in the Vecsés oil field.
"The discovery of the new oil field a year and a half ago proved that there is still great potential in domestic hydrocarbon exploration. And this latest discovery adds another 1,300 barrels to the daily production of the Vecsés oil field, so that the two Vecsés wells together now account for more than a quarter of Mol's Hungarian oil production. The Vecsés field is a major contribution to compensating for the natural decline in production from our mature fields." - said Archibald Schubert, Managing Director of Exploration and Production at Mol Hungary.
"Mol's number one task is to produce energy and keep Hungary moving. While we are supporting the success of the green energy transition with new innovative technologies, including a lithium research project, we are further strengthening security of supply through our traditional business activities. We are not stopping there: a few weeks ago, we announced the start of oil production at Tura, and now we have started test production at the second well in Vecsés. 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," said György Bacsa, Managing Director of Mol Hungary.
Mol plans to invest nearly HUF 100 billion in research and production activities in Hungary over the next three years. In the past five years, production would have fallen to two-thirds of its current level without the company's investments of €100 billion, the statement said. Hungary is the largest in Mol's oil and gas production portfolio, currently accounting for nearly 40% of total production.
Mol's share price is down 0.9% this year.
Cover photo: Portfolio
