Hungary's oil group MOL is set to invest 9.4m dollars to explorethree perimeters of western Romania with a "good potential" of oiland gas.
"The start of production depends on the size of uncoveredresources and on some administrative aspects, but we'll do all thatwe can to start as soon as possible. In case of successfulexploration, we hope to start production within five years. On thebasis of preliminary data assessment, the perimeters have a goodhydrocarbon potential. Further details will be available at a laterdate," say the representatives of the Hungarian group.
MOL early this week sealed concession agreements with theNational Mineral Resources Agency (ANRM) for three explorationblocks it won in a 2010 auction. The three blocks are located inVoivozi (Bihor), Adea (Arad) and Curtici (Arad), close to theborder with Hungary, where MOL has already registered good resultswith hydrocarbon exploration.
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