MOL and RAG have signed agreements to perform joint activities in the exploration and development of the Inke license south of lake Balaton in western Hungary on 20 October, 2011

24.10.2011 | Pressemeldung

The aim of the cooperation is to ensure further gas and oil production from sources within Hungary and improve the country's security of supply. The cooperation will create opportunities for both partners, allow more efficient exploration and development and stimulate investments in domestic exploration activities.

MOL and RAG are looking for further cooperation opportunities of similar nature in the future.

MOL Group is one of Central Europe's leading international oil and gas companies with operations in 40 countries in Europe, the Middle East, North Africa and CIS member countries. It employs over 31 000 people worldwide.

MOL Group’s Upstream operation has more than 70 years experience in hydrocarbon production, presently conducting exploration activities in 11 and production in 7 countries worldwide, with a total daily production level over 150.000 boe per day.

The Group operates five refineries and 2 petrochemical units, in Hungary, Slovakia, Croatia and Italy. MOL Group also owns a network of over 1 600 filling stations in Central & South Eastern Europe. MOL operates its total downstream portfolio under integrated supply chain management.

Through FGSZ, its 100%-owned member company, it operates a 5800 km long high pressure gas pipeline system in Hungary.

RAG carries out E&P activities in Austria, Germany, Hungary and Poland. In Hungary, RAG’s operations are carried out by its 100% subsidiary RAG Hungary.

In addition to exploration and production RAG is one of Europe’s largest operators of underground gas storage. The gas storages of RAG and its storage partners not only serve the Austrian market but provide users in the larger Central European region with storage capacity of 5 BCM targeted for end of 2011.

Press contact:
MOL
Pánczél Andrea Dr.
Október huszonharmadika u. 18.,
H - 1117 Budapest
Tel.: +36 1 464 0366

RAG Rohöl-Aufsuchungs Aktiengesellschaft
Ernst Burgschwaiger
Bocskai út 134-146
H - 1113 Budapest
Tel.: +36 1 505 6800