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MOL has acquired O&GD’s gas fields near Endrőd (Békés county, southeastern Hungary) and the related infrastructure, the Budapest-headquartered oil and gas company announced on Tuesday.
The area of about 1,000 square kilometers has 29 wells trained for hydrocarbon production, with a daily production of about 1,000 barrels equivalent. In the longer term, the mine fields could play a key role in the domestic energy supply, as they offer exploration opportunities. The agreement is in line with the company’s strategy of focusing on hydrocarbon production and energy security, they said.
The company is confident that
the Békés county gas fields would boost domestic production and strengthen the country’s energy independence.
MOL currently operates nearly 1,300 oil and gas wells in Hungary and will invest HUF 150 billion (EUR 374 million) in oil and gas production here over the next three years.
Last year, the group accounted for 47 percent of domestic production with 600,000 tons of crude oil and almost 80 percent of natural gas with one and a half billion cubic meters. Hungary accounted for the largest share of the company’s total production portfolio with almost 40 percent.
MOL and O&GD have been cooperating for years, and in 2024, their joint work resulted in the discovery of an oil deposit near Tura (Pest county), the release noted.
According to their earlier announcement, the sale of the Endrőd gas field was agreed upon in December 2024.
O&GD is a subsidiary of the Dutch company Sand Hill Energy, which has discovered several gas fields in Hungary since its establishment in 2013, and MOL has a 49 percent stake in three of its exploration concessions,
reads the company’s website.
Via MTI, Featured image: MTI/Balogh Zoltán