MOL to Extend Upstream Portfolio to Romania
Wednesday, April 20, 2011
MOL
MOL has signed Concession Agreements with the Romanian National Agency for Mineral Resources for three exploration blocks. As announced on July 5, 2010, EX-1 (Voivozi), EX-5 (Adea) and EX-6 (Curtici) were awarded at the 10th Licensing Round to the consortium of MOL and Expert Petroleum. MOL is the operator of the projects, with 70% participating interest in the blocks, while Expert Petroleum holds the remaining 30%.
The blocks have a combined area of 3,434 square km and are located in the Pannonian basin, next to the Hungarian border. The exploration period is divided to a three-year initial term and an optional three-year phase. The initial work program includes 2D and 3D seismic measurements to be followed by drillings. Besides the good oil and gas potential, some of the blocks have unconventional potential as well.
The agreements are subject to the approval of the Romanian Government.
Zoltán Áldott, Executive Vice President of Exploration and Production Division commented, "We are pleased to extend our international upstream portfolio to Romania, where we have already been present as an important downstream player. We believe that we can benefit from our experience in the exploration of the Pannonian basin gathered during many decades and we look forward to commence the work as soon as practicable."
Szabolcs I. Ferencz, MOL Romania CEO added, "MOL Group has long term investment plans for Romania. Deploying upstream projects in Romania match perfectly with developing our filling stations network and logistics facilities."
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