Hungarian oil and gas company MOL has signed an agreement with Romania's Agency for Mineral Resources for three exploration areas West of Romania, having won the bid for these areas in July last year. The three areas are Voivozi, Adea and Curtici. MOL and Expert Petroleum have won the bid to exploit these areas. MOL has a 70 percent stake in the project, while Expert Petroleum holds the rest.

The three areas cover 3,434 square kilometers in the Pannonian basin, close to the Hungarian border. The exploration period is divided into an initial time frame of three years, followed by an optional phase of another three years. The initial exploration program includes 2D and 3D seismic measurements, followed by drilling. The areas have potential for oil and gas, as well as for unconventional resources. The agreement needs the OK from the Romanian Government.

“The upstream projects in Romania are in agreement with our development plans for the gas stations and logistics facilities in the country,” said Szabolcs I. Ferencz, head of MOL Romania.

MOL, headquartered in Hungary, has activities in the EMEA and CIS countries, with over 34,000 employees. The company owns five refineries in Hungary, Slovakia, Croatia and Italy. In Europe, the company runs 1,600 gas stations. In Romania, its network comprises of 126 gas stations.

editor@romania-insider.com