Hungary’s Mol - Mena Profile: No More Chasing Barrels

Hungarian integrated oil firm Mol has had to reshape its upstream operations in light of the 2014 oil price crash.

Upstream Executive Vice-President Dr Berislav Gaso tells MEES how it has slashed production costs and that despite setbacks, Mol still sees the Middle East as important.

Hungary’s Mol swung from a $903mn loss in 2015 to a $941mn profit last year thanks to a series of cost cutting measures that boosted the firm’s efficiency. Despite oil prices averaging around 15% lower than in 2015, the firm’s upstream division also managed to turn a profit.

This is partially explained by a slight uptick in net crude output (see table), back above 40,000 b/d for the first time since 2012 largely thanks to a doubling of output from the UK. Output from the firm’s only Middle Eastern producing crude field – the 38,000 b/d Shaikan field in Iraqi Kurdistan operated by Gulf Keystone – stayed flat at 3,600 b/d net to Mol. (CONTINUED - 983 WORDS)

DATA INSIDE THIS ARTICLE

table Mol Crude Oil Production ('000 B/D)
table Mol Natural Gas Production (Mn Cfd)