MOSCOW (MRC) -- Hungarian producer MOL announced Wednesday a small oil and gas discovery in the Norwegian North Sea, reported S&P Global.
Preliminary evaluation of the main discovery in license 820S showed recoverable resources of 12 million-71 million barrels of oil equivalent with light oil at API 40 gravity, MOL said.
The discovery was successfully tested producing a combined oil and gas maximum flow rate of 3,463 boe/d due to limited by surface equipment, MOL said.
The main borehole and two sidetracks were drilled in 126 meters of water to a maximum depth of 2,652 meters below sea level. MOL also discovered smaller volumes of oil and gas in several other formations.
Norway, MOL's biggest exploration target, is where the company spent USD58 million across several offshore exploration licenses last year.
The latest discovery was "consistent with MOL's stated strategy of replenishing reserves through a combination of exploration and acquisitions," the company said.
MOL said it will now initiate a commercial feasibility evaluation phase, assessing the need for further appraisal wells, and looking at development options including a timeline for first production.
The 820S license, located 200 km west of Stavanger, is operated by MOL Norge with a 40% working interest, alongside Lundin Norway (40%), Wintershall Dea Norge (10%) and Pandion Energy (10%).
As MRC informed earlier, MOL Petrochemicals Company (formerly known as TVK, part of the MOL Group), the only Hungarian producer of olefins and polyolefins, on 23 September announced force majeure on the supply of polypropylene (PP) from plant No. 4 at the petrochemical complex in Tiszaujvaros (Tiszaujvaros, Hungary).
According to MRC's ScanPlast report, PP shipments to the Russian market were 127,240 tonnes in January 2020, up by 33% year on year. ZapSibNeftekhim's homopolymer PP accounted for the main increase in shipments.
MOL Hungarian Oil and Gas PLC is an integrated oil and gas company. The Company produces crude oil, petroleum products, bitumens, lubricants and natural gas. MOL owns and operates refineries, oil and gas pipelines, service stations, and natural gas storage facilities.