MOL Group has expanded its exploration portfolio by acquiring new licenses in Hungary and Norway. MOL thus obtained six new licenses in the fourth round of auctions in Hungary, doubling its exploration area in this country, shows a company release.

MOL Norway also participated in the APA (Awards in Predefined Areas) latest round of licensing and obtained four licenses on the Norwegian Continental Shelf, out of which one with the right to operate.

“These achievements contribute significantly to the implementation of the MOL Strategy for 2030”, say group officials.

“MOL won the November 6 new licenses in the fourth round of bidding for the hydrocarbon exploration in Hungary and concession agreements were signed by the representatives of the Ministry of National Development and those of MOL. As a result, MOL can start exploring for hydrocarbons in an area of approximately 4.200 square kilometers in the areas of Bázakerettye, Bucsa, Jászárokszállás, Mezőtúr, Okány-West and Zala-West, which are added to an area of approximately 4.200 square kilometers already covered by decisions of the mining authority and concessions already obtained”, reads the release.

MOL aims both at areas where exploration activities are already taking place and new areas that are the result of our ongoing study on the Trans-Pannonian Basin.

Previously, the Norwegian Ministry of Petroleum and Energy has awarded four licenses to MOL Norway in the Norwegian Continental Shelf, at the 2016 APA (Awards in Pre-Defined Areas) licensing round, including a license that includes the right to operate. MOL received the operating right in one additional zone also, in the Mandal region (Mandal High Area), one of the key regions for MOL Norway in this country.

The partners in this newly received license are Statoil and Petoro AS, the major oil and gas companies in Norway. Also, MOL joined successfully in three licenses which are operated by AkerBP.