MOL could start oil & gas production in five years

Hungary’s oil group MOL is set to invest 9.4m dollars to explore three perimeters of western Romania with a “good potential” of oil and gas.

“The start of production depends on the size of uncovered resources and on some administrative aspects, but we’ll do all that we can to start as soon as possible. In case of successful exploration, we hope to start production within five years. On the basis of preliminary data assessment, the perimeters have a good hydrocarbon potential. Further details will be available at a later date,” say the representatives of the Hungarian group.

MOL early this week sealed concession agreements with the National Mineral Resources Agency (ANRM) for three exploration blocks it won in a 2010 auction. The three blocks are located in Voivozi (Bihor), Adea (Arad) and Curtici (Arad), close to the border with Hungary, where MOL has already registered good results with hydrocarbon exploration.