Hungarian oil and gas company MOL, in collaboration with O&GD, has discovered a new oilfield near the village of Galgahévíz, close to Budapest in Hungary.
Located at a depth of 2,400m, the Galgahévíz-4 well is set to yield around 1,000 barrels of oil per day (bopd).
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MOL plans to process the output at its Danube Refinery in Százhalombatta, as stated in a recent announcement.
The production from the site will be divided between MOL and O&GD, with a 49% and 51% sharing arrangement, respectively.
The new Galgahévíz-4 well is expected to add around 4% to MOL’s domestic oil production.
MOL Hungary managing director György Bacsa said: “The new deposit contributes significantly to Hungary’s security of supply, as domestic production reduces import dependency.
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By GlobalData“Uncertainties surrounding supply routes also confirm that the more pipelines there are in the region, the more certain it is that there will always be enough energy. However, the best source is always domestic, which is why MOL treats hydrocarbon exploration in Hungary as a priority.”
MOL started drilling operations at Galgahévíz-4 within the Mogyoród concession area at the end of May this year, reported HungaryToday.
The well reached its designated depth in just 37 days and has since been put into operation following successful testing.
The drilling was executed by MOL’s subsidiary, Rotary, using the R-69 rig.
MOL is a leading hydrocarbon producer in Hungary, operating close to 1,300 oil and gas wells. Hungary represents 39% of its total production.
Last year, the company accounted for 47% of the country’s crude oil production and nearly 80% of its natural gas output.
Earlier this year, MOL and Turkish Petroleum secured concession agreements with Hungary’s Ministry of Energy.
The agreements allow for joint hydrocarbon exploration in the Tamási and Buzsák areas.
