MOL and O&GD Uncover New Oil Field

New Oil Discovery

MOL and O&GD have discovered a new oil field near Galgahévíz, Hungary, at a depth of 2,400 meters. The Galgahévíz-4 well is capable of producing approximately 1,000 barrels of crude oil per day, which is processed at the Danube Refinery in Százhalombatta.

Drilling Details

The drilling of the Galgahévíz-4 well began in late May and reached its target depth in 37 days. The extracted oil is shared between O&GD and MOL in a 51%-49% ratio. The drilling was conducted by MOL’s subsidiary, Rotary Zrt., using the R-69 drilling rig.

Energy Security

The new oil deposit contributes significantly to Hungary's energy security by reducing import dependency. MOL emphasizes the importance of domestic hydrocarbon exploration to ensure a stable energy supply.

Additional Discoveries

Besides the joint discovery with O&GD, MOL has found hydrocarbons in several other locations in Hungary, including successful drillings in Vecsés and the Transdanubia region. MOL has also completed 25 successful drillings as part of its "shallow gas" program since 2019.

Renewable Energy Initiatives

At the Algyő site, MOL is investing in renewable energy by building a 37.4 MWp solar park and a 40 MWh electricity storage system. This initiative aims to achieve electricity independence for the site, improve supply flexibility, and reduce CO2 emissions by 13,000 tonnes annually.