Equity
Hungary MOL acquires 35% interest ONGC's exploration block in India
This acquisition is in accordance with the recently signed Memorandum of Understanding with ONGC.
ONGC is an Indian national oil and gas company involved in exploration and production of hydrocarbons in India and worldwide and having interest in refining and transmission of products, natural gas and petrochemicals businesses.
The HF-ONN-2001/1 Block - with area extent of 1,513 sqkm - is operated by ONGC that holds the remaining 65% interest following the transaction. One exploration well is planned to be drilled by the end of 2008 and one other in the 3rd exploration phase. In case of successful exploration activity gas and condensate production is expected.
The transaction is subject to the approval of the Government of the Republic of India.
“This is the first result following the signing of the Memorandum of Understanding with ONGC in January. We consider India as a new, promising target country and ONGC as our natural partner," commented Zoltán Áldott, Executive Vice-President of the Exploration and Production Division at MOL.
“Our plan is to build up a well balanced portfolio. We can offer our expertise of exploration in highly complicated areas, with special regards to experience gained in Northern Pakistan where we conduct successful exploration activity, having a very similar stratigraphic-structural build-up."
ONGC is an Indian national oil and gas company involved in exploration and production of hydrocarbons in India and worldwide and having interest in refining and transmission of products, natural gas and petrochemicals businesses.
The HF-ONN-2001/1 Block - with area extent of 1,513 sqkm - is operated by ONGC that holds the remaining 65% interest following the transaction. One exploration well is planned to be drilled by the end of 2008 and one other in the 3rd exploration phase. In case of successful exploration activity gas and condensate production is expected.
The transaction is subject to the approval of the Government of the Republic of India.
“This is the first result following the signing of the Memorandum of Understanding with ONGC in January. We consider India as a new, promising target country and ONGC as our natural partner," commented Zoltán Áldott, Executive Vice-President of the Exploration and Production Division at MOL.
“Our plan is to build up a well balanced portfolio. We can offer our expertise of exploration in highly complicated areas, with special regards to experience gained in Northern Pakistan where we conduct successful exploration activity, having a very similar stratigraphic-structural build-up."
