19-03-03 Joint oil exploitation operations by Hungary's MOL and the Russian firm Yukos have begun in the oil fields of Zapadno-Malobalik. All permits for the project have been obtained and a transport agreement with Transneft has been concluded.
With the closing of the deal, MOL became a 50 % owner of the joint venture.

Currently the two firms are exploiting 19,000 bpd from the area, but production should peak at 55,000 bpd by 2005.
The agreement between MOL and Yukos to set up the joint venture was signed in Moscow last December.