Hungary's Mol hopes to extract oil and gas from Russian fields

Oct 26, 1999 02:00 AM

The Hungarian oil and gas company Mol is looking to tap the Western Malobalyk oil deposit in the Khanty-Mansi autonomous district through a joint project with Yukos. Mol also invited Yukos to set up a consortium to fulfil its projects in developing countries.
By joining forces, the partners may expedite the development of the Western Malobalyk deposit and increase its recoverable reserves by spending between $ 200 million and $ 250 million on the project, Yuri Beilin, CEO of the Yukos-EP company, said. The only condition set by the Hungarian side is that the deposit must be developed on a production-sharing basis.
According to Beilin, the partners might begin the project on production-sharing terms by mid-2000. Mol is prepared to put between $ 8 million and $ 12 million into the deposit before the year is out. The money will go to drill 16 wells.
Mol is also eyeing Russian gas fields. The company has a contract with Gazprom for Russian natural gas supplies until 2015. Russia has also agreed on additional gas supplies, worth $ 10.8 million, to the Hungarian company against the Yugoslavian debt to Hungary for the transit of Russian gas. .

Source: VEDOMOSTI via NewsBase
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