MOL in exploration and production deal with Syria

Dec 27, 1996 01:00 AM

Hungarian oil and gas company Magyar Olaj- es Gaizpari Rt (MOL) signed an exploration and production deal with Syria for the 5,000 sqkm Palmyra east block. MOL, which has 100 % ownership in the project, will start the first phase of exploration in 1997. The project will last 3 years and eight months. "According to previous surveys, the company is optimistic about the potential of this area and Syria plays an important role in MOL's Middle-East exploration and production strategy," the company said.

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