The MOL Group has announced the discovery of a new oil field in Hungary, specifically in the region of Dunántúl. This finding comes after several successful research initiatives in recent years and marks the first major oil discovery in the country in over a decade, according to Marton Zsombor, the Executive Director of MOL Group's Exploration and Production.

Zsombor indicated that this success was achieved in a concession area associated with Bázakerettye, a site with nearly a century of oil industry tradition, highlighting that there is still potential for hydrocarbon exploration in Hungary.

György Bacsa, the Executive Director of MOL Hungary, emphasized the need to reduce the country’s vulnerability to oil imports, noting that Hungary, being a landlocked country, primarily relies on pipeline transportation to meet its oil needs.

Bacsa stated that, 'It is clear that we must utilize all available resources to diminish Hungary’s dependency on imports.' He affirmed the company's commitment to ongoing investments and to maintaining, and potentially increasing, production levels in the future.

Bacsa also noted the company’s ongoing efforts to discover previously unknown hydrocarbon deposits, which he stated would further enhance the country's energy security.

He referred to recent achievements, including oil fields in Vecsés and Tura, contributing to a peak in domestic production over the past five years.

The newly discovered well, designated Som-8, was drilled at the Somogysámson oil field, starting on November 25 and completed on Christmas Day, after 33 days of drilling.

Preliminary evaluations indicate that the well has the capacity to produce 1,200 barrels of oil per day, with transport conducted via tanker trucks to the nearby Dunai Refinery in Százhalombatta.

According to MOL Group, this new find will support Hungary's energy needs.

The company has planned significant investments in Exploration and Production, committing approximately 150 billion HUF over the next five years towards oil and gas extraction initiatives in Hungary.

MOL Group is recognized as the largest hydrocarbon producer in Hungary, operating nearly 1,300 oil and gas wells.

In 2024, it is expected that MOL will account for approximately 47% of the country's oil production, equating to close to 600,000 tons, and nearly 90% of domestic natural gas production, translating to about 1.5 billion cubic meters.

Currently, Hungary represents about 39% of MOL's total production portfolio.

The production from the Som-8 well will constitute roughly 1% of MOL Group's total hydrocarbon extraction.

As part of its international portfolio, MOL operates oil and gas exploration and production assets in nine countries, maintaining active operations in eight of them.

In 2024, the company anticipates an average production equivalent to approximately 93,800 barrels of oil per day.

In pursuit of sustaining a daily production level of at least 90,000 barrels, as outlined in its updated 'Shape Tomorrow' strategy, MOL Group aims to strengthen its international portfolio and seeks to establish additional strategic partnerships.

Recently, it formed cooperation agreements with national oil companies in Kazakhstan, Azerbaijan, and Turkey.