MOL subsidiary finds oil in Croatia

Croatian energy group INA has announced that it has made a new oil discovery with exploratory well Deletovci-1 Zapad within the oil field Privlaka near the town of Vinkovci. The latest tests show daily oil production of around 600 barrels per day.

The financial website portfolio.hu quotes a statement by INA, which is part of Hungary’s MOL Group, that during drilling, at a depth at about 1,000 meters test results indicate a significant production of oil. A more precise evaluation of the hydrocarbons reserve base and production is to be determined by further tests and field development.

The latest tests show daily oil production of approximately 600 barrels per day. Given the results, it is expected that its daily production will greatly contribute to production increase on this area.

After the satellite discovery of the oil field with Selec-1 well, announced in January 2011, and oil discovery with Hrastilnica-3 well near Ivanic Grad in July this year, this discovery is a continuation of positive results deriving from the implementation of the Pannonian basin’s exploration strategy based on the search for new so-called satellite fields in the Sava Depression, near the existing fields.

The 600-barrel daily production is only 0.5% of MOL Group’s second-quarter daily average hydrocarbon production and 1.4% of its oil output. The announcement, though is still positive, but the production volume does not seem to be considerable compared to MOL’s size.