MOL boosts Hungarian oil output with new Vecsés-1 well discovery

MOL has again found crude oil in Vecsés, central Hungary, and has started trial production from the Vecsés-1 well at a production level of 1,300 barrels per day, which increases the group's total hydrocarbon production by about 1.5% - the company said in a statement.

MOL has once again found oil in the Vecsés oil field in Hungary. The company expects production at Vecsés-1 to increase in the near future.

"The discovery of a new oil field a year and a half ago proved that there is still great potential in hydrocarbon exploration in Hungary. The latest discovery will increase the daily production of the Vecsés field by another 1,300 barrels, making the two wells of the Vecsés field already account for more than a quarter of Hungary's oil production. The Vecsés field significantly contributes to compensating for the natural depletion of our mature fields," emphasized Archibald Schubert, managing director of MOL E&P Hungary, quoted in the statement.

After two successful wells, MOL is about to start drilling a third well in the Vecsés oil field.

Mol Group processes an average of 14-15 million tonnes (approximately 15-16.5 million UK tons) of crude oil annually in its refineries. About 8 million tonnes (approximately 8.8 million UK tons) is Russian oil, 1 million tonnes (approximately 1.1 million UK tons) comes from Hungarian and Croatian production, and the rest are alternative oils that arrive by sea and then via the Adriatic pipeline.

Oil from the Vecsés field will be transported directly to the MOL refinery in Százhalombatta.

The Százhalombatta refinery can currently process a maximum of 30–35% non-Russian oil in various mixing proportions, while the refinery in Bratislava processes only about 5%