Hungarian oil and gas company MOL, with O&GD, discovered a new oilfield near Galgahévíz village, Budapest. The Galgahévíz-4 well, at 2,400m depth, is expected to produce 1,000 bopd. MOL will process the oil at its Danube Refinery in Százhalombatta. Production to be split 49% MOL, 51% O&GD, boosting domestic production by 4%.

The new oil well adds to Hungary’s energy security, reducing import dependence. MOL emphasizes the importance of domestic production for energy supply certainty. The Galgahévíz-4 well, drilled in May, reached its depth in 37 days and is now operational using the R-69 rig. MOL operates 1,300 oil and gas wells in Hungary, representing 39% of its total production.

MOL and Turkish Petroleum recently secured concession agreements with Hungary’s Ministry of Energy for joint exploration in Tamási and Buzsák areas. Last year, MOL accounted for 47% of Hungary’s crude oil production and 80% of its natural gas output. The company aims to prioritize domestic hydrocarbon exploration for energy sustainability.

Read more at Yahoo Finance: MOL, O&GD discover new oilfield near Budapest, Hungary