MOL, O&GD discover new oilfield near Budapest, Hungary

Core Insights - MOL, in collaboration with O&GD, has discovered a new oilfield near Galgahévíz, Hungary, expected to yield approximately 1,000 barrels of oil per day [1][2] - The new Galgahévíz-4 well is projected to increase MOL's domestic oil production by around 4% [2] - MOL prioritizes domestic hydrocarbon exploration to enhance Hungary's energy security and reduce import dependency [3] Production and Operations - The Galgahévíz-4 well was drilled to a depth of 2,400 meters and reached its target depth in 37 days, now operational after successful testing [4] - MOL operates nearly 1,300 oil and gas wells in Hungary, which accounts for 39% of its total production [4] - In the previous year, MOL contributed to 47% of Hungary's crude oil production and nearly 80% of its natural gas output [4] Strategic Partnerships - Earlier in the year, MOL and Turkish Petroleum secured concession agreements for joint hydrocarbon exploration in the Tamási and Buzsák areas [5]