Mol Finds Crude Oil in Vecsés

The Hungarian oil and gas company MOL has discovered a significant amount of oil at a depth of 2,100 meters near Vecsés, just south of Budapest. MOL started exploratory drilling in the area in July, and after carrying out the necessary tests, it proved that it had discovered a previously unknown oil field, the company said in a statement.

The new well will start up with a production of 600 barrels per day and its subsequent planned production of 700-1,000 barrels per day will increase MOL Hungary's oil production by about 10% and Hungary's by 5%. The Vecsés-2 oil well has become MOL's third highest yielding well in Hungary, and is the only one capable of replacing the entire annual natural decline in yield of the ageing Algyő field in SE Hungary.

MOL won the exploration concession for the area around Vecsés in 2015. After preliminary geological investigations, the exploration well site was selected on the outskirts of Vecsés. The drilling, which started in July, lasted 31 days and reached a depth of 2,100 meters.

The well testing required at this time proved that the oil discovery was suitable for economic exploitation and the well was put into production on November 11. The oil is transported directly to the Danube Refinery in Százhalombatta.