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Hungary's MOL makes oil, gas discovery offshore Norway

Highlights

Find holds up to 71 million boe of recoverable oil, gas

Looking at further drilling, development options

Budapest — Hungarian producer MOL announced Wednesday a small oil and gas discovery in the Norwegian North Sea.

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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 $58 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%).