MOL Inks Concession Deals For 3 Romanian Exploration Blocks

04.19.2011 By Florentina Dragu

Hungarian oil group MOL Tuesday said it has signed concession agreements for three exploration perimeters in western Romania.

Hungarian oil group MOL Tuesday said it has signed concession agreements for three exploration perimeters in western Romania.

MOL and Expert Petroleum, part of NT&S Grup Energy, last year won at auction the exploration licenses for the three Romanian blocks. MOL is the operator of the projects, with 70% participating interest in the blocks, while Expert Petroleum holds the remaining 30%.

The blocks have a combined area of 3,434 square kilometers and are located in the Pannonian basin, near to the Hungarian border.

"The exploration period is divided to a three-year initial term and an optional three-year phase," MOL said in a statement.

It said the exploration agreements are subject to approval from Romanian authorities.

"MOL Group has long term investment plans for Romania. Deploying upstream projects in Romania match perfectly with developing our filling stations network and logistics facilities," said Szabolcs I. Ferencz, chief executive officer of MOL Romania.

MOL operates 126 gas stations in Romania.