Third Vecsés Oil Well Boosts MOL’s Domestic Production

Drilling rig in the Vecsés oil field.

The Vecsés oil field (near Budapest) has delivered on its promises and has already contributed a very significant amount to production in Hungary, over one million barrels, according to a recent statement by Hungarian oil giant MOL.

In the oil field discovered two years ago, in addition to the already operating Vecsés-1 and 2 wells, the Vecsés-3 well also proved to be successful and increases MOL’s production in Hungary by 600 barrels of oil per day, the company announced on the Budapest Stock Exchange website on Wednesday.

The three wells produce about 4,000 barrels of crude oil per day, which is nearly 30% of MOL Hungary’s crude oil production and 4% of the MOL Group’s hydrocarbon production.

“One of our key tasks is to exploit the potential of domestic hydrocarbon exploration and production. The Vecsés field delivered on its promises and has already contributed a very significant amount to domestic production, with over one million barrels to date.

This strengthens security of supply, as this amount has made it possible to reduce crude oil imports to Hungary.

We are planning to invest nearly HUF 100 billion in hydrocarbon exploration and production in Hungary over the next three years,” said Archibald Schubert, Managing Director of MOL E&P Hungary.

Via MOL, Featured image: MTI/Balogh Zoltán