The MOL Group achieved its finantial targets and grew in multiple areas.Continue reading
The new oil well in Somogysámson (southwestern Hungary) is the first new oil deposit in Transdanubia in almost a decade, and produces 1,400 barrels of oil a day, about one and a half percent of MOL Group’s production, the Budapest-based oil and gas company’s managing director revealed on Tuesday.
György Bacsa said that the Som-8 well, already in production, was drilled in November last year, and since last week, another 1,500-meter deep well has been drilled in the vicinity, together with Rotary Fúrási Zrt. This latest well, called Som-7, aims to determine the extent of the Somogysamson oil field.
Hungary accounts for almost 40 percent of the MOL Group’s hydrocarbon production portfolio, and the oil company can secure this for the next decade. More drilling has never been done than in the last few years, and one of the most promising is the oil field in the Vecsés area, with Algyő and the South Transdanubian region being the most significant oil deposits, indicated the managing director.
He added that
extraction in Hungary significantly strengthens the domestic economy, reduces energy dependence, and contributes to stable supplies. The oil from the Somogysámson well is of better quality than imported oil, thus improving the quality of products,
he noted.
MOL is the largest producer in Hungary, supplying 47 percent of the country’s total production of oil and nearly 90 percent of natural gas, he noted. At the Group level – including deposits in the Middle East and Croatia – MOL produces oil at a cost of around ten dollars per barrel. However, only about 20-25 percent of the wells are considered successful.
Archibald Schubert, director of exploration and production at MOL Hungary, said that the company spends around 40 billion forints a year exploring new deposits, because the current ones have been producing for 40 to 60 years and their capacity is declining. The cost of a new well is two to three billion forints, and it is rare that a new well is drilled just a few months after a successful discovery.
Today, they produce 37-38,000 barrels of hydrocarbons a day in Hungary, a record for the last five years, making a significant contribution to security of supply,
the director stressed.
Marcell Lux, exploration manager responsible for Central and Eastern Europe, explained that at the end of last year, the well had reached the right depth in 33 days, and that the first 1,200 barrels of oil per day were extracted from 1,250 meters, which had now reached 1,400 barrels. The oil extracted has a temperature of 50-54 degrees Celsius and is transported in tankers to Sazhalombatta, where it is processed into lubricants and fuel. The Somogy oil field lies in a layer of dolomite over 100 million years old, and the oil is estimated to have been formed up to 10 million years ago.
Via MTI, Featured image: MTI/Balogh Zoltán