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MOL to invest more in Kazakhstan

D&T
May 11, 2012

Hungarian oil and gas group MOL is to invest further USD 250 million in Kazakhstan where an oil production project is expected to be launched in 2015. Preparatory works are led by MOL there, according to MOL Chairman-CEO Zsolt Hernádi who spoke in Kazakh capital Astana.

As the Hungarian financial websote portfolio.hu reports, MOL has been taking part in hydrocarbon exploration and production in Kazakhstan since the early 1990s. The company bought into a project in 2004, in which it currently holds a 27.5% stake. After a few years of futile attempts, MOL has taken over control of the project. Today, it is practically MOL experts that manage exploration there, Hernádi said.

The Chairman-CEO emphasized that 2011 was a highly successful year, as they have explored some 200 million barrels of oil equivalent. The appraisal of the exploration well and the conclusion of exploration will come about in the following two years. In order to do so, four new wells will need to be drilled and MOL will have to invest another USD 250 million.

"This will take our total investment to USD 350 million and we expect production to start in 2015," Hernádi added. Peak production is estimated at one million tons of oil equivalent.

When asked how substantial the launch of production will be for MOL’s operations, Hernádi said that this is 5% of MOL Group’s total hydrocarbon pool. He also noted that MOL is preparing further investments in Kazakhstan and that he was certain these will bear fruit.

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