Mol Finds Oil Again in Vecsés

Mol has once again discovered oil in Vecsés in central Hungary, the Hungarian oil and gas company announced on the website of the Budapest Stock Exchange (BSE) on Friday.

The company said that another exploration well was drilled in Vecsés to further explore the oil field discovered in 2022. The drilling, which started in January, lasted 41 days and reached a depth of 2,000 meters.

The test production of the well, named Vecsés-1, started on May 19. As a result of the discovery, the well has started up with a test production of 1,300 barrels per day, which will increase the Mol Group's total hydrocarbon production by about 1.5%. The oil is transported directly to Mol's refinery in Hundred Halombatta for processing.

Production at Vecsés-1 is expected to increase in the near future. After two successful wells drilled so far, Mol will soon start drilling a third well in the Vecsés oil field.

Archibald Schubert, Managing Director of Mol Hungary Research-Production, explained that the discovery of the new oil field a year and a half ago proved that there is still great potential in the domestic hydrocarbon exploration. Together, the two Vecsési wells already account for more than a quarter of Mol's oil production in Hungary. The Vecsés field is a major contribution to compensating for the natural decline in production from mature oil fields," he added.

György Bacsa, Managing Director of Mol Hungary, stressed that while supporting the success of the green energy transition with new innovative technologies, including a lithium research project, they are further strengthening security of supply through their traditional business activities. Every barrel of oil extracted in Hungary contributes to reducing import dependency, and Mol intends to continue to maximise the potential of hydrocarbon exploration in Hungary, he said.