Hungarian oil and gas company MOL Group has completed a deal to acquire 100% ownership of Ithaca Petroleum Norge (IPN) from Ithaca Petroleum.
The deal will allow the company to venture into the Norwegian market taking it closer towards becoming an offshore operator in the North Sea.
MOL Group said that the acquisition will add 600 million barrels of net un-risked best estimate prospective reserves and double the size of its exploration portfolio.
MOL Group Upstream group executive vice president Alexander Dodds said: “Entering Norway as one of the most investor friendly countries is an important milestone in our E&P Strategy.
“Norway will become a key exploration hub for MOL Group in the future and will help us achieve our goal of becoming an offshore operator in the North Sea.”
Entering the Norway market is expected to balance and grow MOL’s global upstream portfolio.
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The company’s portfolio includes 14 licenses in the Norwegian Continental Shelf and three of them are operated by IPN at present.
MOL Group decision to acquire IPN comes due to the investor-friendly nature of Norway and its political and fiscal stability.
Following the closure of the deal, MOL will be able to extend presence in the North Sea and builds on last year’s entry into the UK.
The required additional operational resources and support will be offered by MOL Group and MOL Norge would continue as a Norwegian company.
Image: MOL Norge CEO Lars Thorrud with MOL Group exploration and business development SVP Brian Glover. Photo: courtesy of MOL Group.