MOL Norge Finds Oil and Gas in North Sea

MOL Norge, Norwegian subsidiary of the Hungarian energy and petrochemicals group MOL, and its joint venture partners have discovered oil and gas in a North Sea offshore field located about 200 km west of Stavanger, Norway.

MOL said the exploration well in the 820S license area was drilled to a maximum depth of 2,652 meters below sea level. Oil and gas were found in a number of formations and were successfully tested for about 3,463 barrels of oil equivalent per day.

Potential resources discovered in the main formation are between 12 and 71 million barrels of oil and gas equivalent, the group said.

Commercial viability of the discovery will be determined later, MOL added, following additional technical work.

MOL Norge has a 40% working interest in the operator of the 820S license with jv partners Lundin Norway (40%), Wintershall Dea Norge (10%) and Pandion Energy (10%).

The Hungarian group entered the Norwegian oil and gas market in 2015, through the acquisition of 100 % of Ithaca Petroleum Norge. The drilling program began in 2018, after it “achieved readiness in record time without any setbacks in a highly regulated environment.”

MOL’s exploration portfolio in Norway is aimed at supporting delivery of organic reserve replacement for the group.