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MOL Kalegran Donates to Refugee Families in the Kurdistan Region of Iraq

  • MOL Kalegran provides food and medicine for over 1500 families
  • Managing Director Majdi Ahmad personally handed over the goods

BUDAPEST – 27th August, 2014 – MOL Group subsidiary Kalegran has provided food and medicine for over 1500 refugee families in the Kurdistan Region of Iraq. MOL Group has been deeply committed to support the development of local communities and provide humanitarian assistance ever since it entered the region in 2007.

MOL Kalegran Ltd., an E&P Company and subsidiary of MOL Group in the Kurdistan Region of Iraq (KRI), was again in the forefront to assist the Kurdistan Regional Government (KRG) in providing food, shelter and the day to day necessities to the refugees of the recent tragic events. MOL Kalegran has always been committed to meet its moral and social responsibilities whenever such situations have arisen, strongly supporting the humanitarian cause. The present assistance for the refugees included food, toddlers care items and medicine for about 1500 families.

Leading the humanitarian effort himself, Managing Director of MOL Kalegran Ltd, Mr Majdi Ahmad, who is also MOL Group Regional Director Middle East & Africa, personally took these items for distribution amongst the refugees. In his message he said that “MOL enjoys very good relations with the KRG, and supports the Regional Government’s efforts in sheltering and providing humanitarian aid and will continue to support it in its efforts to alleviate and mitigate sufferings of refugees in distress. MOL Group will do whatever it takes to facilitate them in settling down.”

Szabolcs I. Ferencz, Senior Vice President, Group Corporate Affairs reflected on MOL Group’s deep commitment to the company’s operations in KRI: “MOL Group was among the first oil companies to enter the Kurdistan Region of Iraq in 2007 and ever since it has been deeply committed to support the local communities. We greatly value our excellent relationship with the Kurdistan Regional Government and we’ve recently opened our Middle East and Africa regional office in Erbil, which step we consider as a vote for political stability of a democratic Kurdistan Region as well as a significant commitment by MOL Group to a long-term presence.”

MOL Group entered into Kurdistan Region of Iraq In 2007, when Kalegran signed a contract for Akri-Bijeel Block as operator and farmed into Shaikan as minority partner. Since then three successful discoveries made Kurdistan Region of Iraq the most promising growth area for the Group.

MOL Group Agrees with Kurdish Ministry on Akri-Bijeel Field Development Plan

  • Agreement upon the field development plan (FDP) in two discovery areas
  • Total block production to increase to minimum of 50 mboepd by 2017-18
  • MOL Kalegran Ltd. (a 100 % subsidiary of MOL) has been an operator in Kurdistan
    since 2007

BUDAPEST, Hungary – 14th August, 2014 – MOL Kalegran Ltd., operator of the Akri-Bijeel block, is delighted to announce that it has agreed upon for its field development plan with the Kurdish Ministry of Natural Resources. The FDP relates to two commercial discovery areas in the Akri-Bijeel block, the Bijell and the Bakrman areas.

The two-phase development program approved today will allow MOL Kalegran Ltd (“the Operator”) to best determine key factors such as the recovery factor.

An extended well testing facility with 10 mboepd capacity is already producing without any disruption on the Bijell area and the Operator intends to add further temporary, rented facilities to ramp up production from both areas to 35 mboepd in 2015.

Following the determination of the required amount of wells and other infrastructure - which will include an export pipeline and state of the art Central Production Facility - the Operator intends to increase production from the block to minimum of 50 mboepd by 2017-18.

Alexander Dodds, MOL Group Executive Vice President for E&P added: “We are extremely pleased with the principal approval for the field development plan for Akri-Bijeel Block, I have personally been involved in this initiative from the beginning. Today marks a very important step for the whole Group in such an important region, which wouldn’t have materialized without the support of the Ministry of Natural Resources. We look forward to further cooperation from all our stake holders to achieve our ambitious production targets. I would like to reinforce MOL Group's intention to increase investment in Kurdistan, especially in view of the investor friendly policies of His Excellency Minister for Natural Resources."

MOL Kalegran Ltd. has had operations in Kurdistan since 2007 and is the operator of the Akri-Bijeel Block. The Kurdistan Region of Iraq plays a significant role in MOL Group’s strategy in the MEA region, and contributes greatly to the company’s balanced international E&P portfolio.

The Kurdistan Regional Government Minister for Natural Resources HE Dr Ashti Hawrami stated: “This shall greatly contribute to the production target set by the ministry of 1 million barrels of oil per day. This is an excellent contribution to the exchequer.”

MOL Group's LEAD Program wins Development Excellence Award in Asia

  • MOL Group’s LEAD Program wins in two categories in leadership development
  • The global award recognizes exemplary leadership in human resources
  • LEAD program is a complex leadership capability building platform that focuses on
    the development of top talents at MOL Group

BUDAPEST, Hungary – 14th August, 2014 – MOL Group’s LEAD Program has been awarded in two categories as the „Best Leadership Development Programme for Middle Management” and the „Best Leadership Development Program for Top Management” by the Asia Employer Branding Institute. The prestigious jury included Global Chairman of World HRD Congress, Michael McDonald and Global Chairman of Asia Pacific HRM Congress, Professor Tom Hilton. LEAD was established in 2013 and has been MOL Group's key vehicle in managing organisational changes. By developing this program, MOL Group aims to build the next generation of global leaders who can navigate successfully through change and can deliver excellent business results.

MOL Group’s commitment to talent development starts as early as secondary school level and it continues with its best-in-class industry student competition and graduate program for the best talents at the university. LEAD program completes the chain of award-winning programs.

It's a great recognition for MOL Group to win this Training & Development Excellence Award among other multinational companies like Tata Consulting and Unilever. Asia is of great importance for MOL Group and building a strong employer brand among fierce competition in this region is a key to support the organisation's growth agenda. We are very proud that our LEAD program has won another prestigious award this year, reflecting on MOL Group's continuous investment into leadership and development programs." - said Zdravka Demeter Bubalo, MOL Group Vice President for Human Resources.

To maximise organisational impact as well as to build leadership capabilities of top talents, LEAD has been developed around three talent groups in cooperation with top-ranking international business schools. The leadership development program participants come from diverse cultural and professional background, representing 11 countries from Austria to Iraq. Since the program started, more than 300 LEAD nominees have undergone a strict selection process conducted by external professionals specialised in talent assessment. As a result, 65 participants with great leadership potential have been selected to shape the future of MOL Group.

 

About Asia Employer Branding Institute

Asia Employer Branding Institute hosts senior HR leaders from 36 countries who share best practices in the field of Employer Branding and invites outstanding professionals in several countries who are contributing to talent management, talent development and talent innovation.

MOL Group Dispatches Second Shipment of Relief Goods to North Waziristan, Pakistan

  • MOL Group handed over seven truckloads of food packages to Pakistani families in need
  • Alexander Dodds, EVP for Exploration and Production handed over the goods to the Federal Minister of Petroleum & Governor KPK
  • MOL Group has had business operations and a high committment to social responsibility in Pakistan since 1999

ISLAMABAD, Pakistan – 6th August, 2014 – MOL Pakistan Oil and Gas Company, a subsidiary of MOL Group has dispatched seven truckloads of food packages, which were handed over by MOL Group Executive Vice President for Exploration and Production Alexander Dodds to Khaqan Abbasi Minister of Petroleum & Natural Resources. The relief goods will meet the needs of 1,000 internally displaced (IDP) families for a week.

MOL Pakistan, presently working in TAL Block (consisting of the districts of Karak, Kohat and Hangu), is actively supporting Pakistani people in need. Praising this gesture, Minister Abbasi expressed his gratitude for the timely assistance extended by MOL Group to the people of North Waziristan. Upon reaching the location of the IDPs, the trucks will be handed over to the army and civil administration for them to arrange distribution. Mr Abbasi expressed his appreciation and called Alexander Dodds “a friend of Pakistan”.    

Speaking on this occasion Mr Dodds said that “MOL Group considers it its moral and social obligation to help these distressed people who had to leave their homes under difficult circumstances. I came here to be personally involved in this gesture of MOL Pakistan and to show solidarity with suffering people in this hour of need. In the future also, MOL Group will continue to donate for such noble causes in Pakistan” he added.

The latest delivery of relief goods is the second donation that MOL Pakistan has handed over to the IDPs in the past two weeks.  MOL Pakistan has previously extended help to those affected by earthquakes and floods.  Following the earthquake, MOL Group donated five hundred thousand dollars to relief efforts. Employees of MOL Pakistan also contributed a portion of their salaries to the relief fund for the IDPs.

MOL Pakistan has always championed CSR initiatives with frequent free eye camps, water schemes and construction of schools and examination halls also being carried out in the TAL Block, Pakistan.

Mr Ahmad Majdi, MOL Group Regional Director ME & Africa, Mr Ali Murtaza Abbas, MOL Group Regional Adviser ME & Africa, Mr Ákos Grósz, MOL Group & MD/CEO MOL Pakistan were also present on the occasion.

About MOL Pakistan: MOL Pakistan is member of MOL Group. MOL Group is an integrated, independent, international oil and gas company, headquartered in Budapest, Hungary. It has operations in over 40 countries and employs around 29,000 people worldwide. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production plants in 8 countries and exploration assets in 13 countries. MOL Group also owns a network of over 1,700 service stations across 11 countries in Central & South Eastern Europe.

MOL Group Further Strengthens its Retail Position in the Czech Republic

  • MOL Group acquires LUKOIL’s retail business in the Czech Republic with 44 service stations
  • The network has a countrywide presence and a high fuel sales volume per station
  • Upon closing of this transaction as well as the recently announced acquisition from ENI the number of service stations in the Czech Republic will reach 318

BUDAPEST, Hungary – 4th August 2014 – MOL Group today announced that it has entered into a sale-purchase agreement with LUKOIL for the purchase of LUKOIL’s retail network in the Czech Republic. This step will significantly strengthen the Group’s position in the Czech Republic and contribute to delivering its Downstream strategy of increasing the retail presence within the supply radius of its core refineries.

LUKOIL’s retail network consists of 44 service stations with a countrywide presence, high average fuel throughput per station and a strong non-fuels business. Through this acquisition and the recently announced purchase of ENI’s network, MOL Group will reach 318 stations in the Czech Republic and firmly establish itself among the leading motor fuel retailers in the country.

Commenting on the agreement, Lars Höglund, Senior Vice President of MOL Group Retail, said: “This acquisition is an important step to further strengthen our presence on the Czech market and strategic target to be a leading player in the CEE region. We are committed to continuously improve our offer to our customers delivering the best products and services at our stations.”

MOL Group aims to realize wholesale and retail synergies as part of the integration of Lukoil’s network into a combined organisation.

Completion of the acquisition is subject to fulfilment of certain conditions precedent, among others to obtaining merger clearance.

About MOL Group

MOL Group is an integrated, independent, international oil and gas company, headquartered in Budapest, Hungary. It has operations in over 40 countries and employs almost 29,000 people worldwide. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production activities in 8 countries and exploration assets in 13 countries. The Group operates four refineries and two petrochemicals plants, under integrated supply chain management, in Hungary, Slovakia and Croatia. MOL Group also owns a network of over 1,700 service stations across 11 countries in Central & South Eastern Europe.

Press contact

Judit Németh
MOL Group International Communications Expert           
m: +36 20 254 5169 | @: Diese E-Mail-Adresse ist vor Spambots geschützt! Zur Anzeige muss JavaScript eingeschaltet sein!

Tamás Berzi
MOL Group International Communications Expert           
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MOL Group Announces 2014 Half Year Results

  • Clean CCS EBITDA at HUF 200bn (USD 892mn) is 22% lower than H1 2013
  • Net profit remains stable at HUF 45bn (USD 200mn)
  • Close to 70% growth in organic CAPEX and HUF 96bn (USD 427mn) spent on growth acquisitions
  • The Group retained its strong financial position with a net gearing ratio of 18.5%

Budapest, 1st August 2014 – Today, MOL Group announced its half year financial results. In the first half of 2014, MOL delivered a clean CCS EBITDA of HUF 200bn which is a 22% decrease compared to the same period in 2013, while net profit decreased by 4% to HUF 45bn. MOL Group sustained its financial stability and has a strong balance sheet for further organic and inorganic growth.

The Upstream segment, beside the production natural decline of its matured assets, faced significantly lower realized natural gas prices in the CEE due to adverse regulatory changes in natural gas production. Moreover, there were asset divestures in Russia (ZMB in Q3 2013 and 49% of Baitex in Q1 2014), the effects of which could only be partially mitigated by new asset purchases in the North Sea and by intensified field development activities in international operations. Finally, exploration costs increased as well due to accelerated international work programs.

In Downstream, profit decrease is mostly attributable to the significant drop in motor fuel crack spreads (11% for gasoline, 16% for diesel), unplanned shut-downs as well as non-recurring costs related to the IES refinery conversion. These factors could only be partially offset by stronger contributions from the Retail and Petrochemicals Divisions.

Gas Midstream’s contribution is also much lower than a year ago. This is attributable to Croatian Prirodni Plin’s reported loss in relation to its enforced gas inventory sale and related write-down due to regulatory changes in Croatia.

Organic CAPEX spending was 68% higher than a year ago due chiefly to the increased focus on project implementation, and 96bn HUF was spent on growth acquisitions. MOL Group retained its strong financing capacity as CAPEX was mostly financed from operating cash flows. The indebtedness ratios clearly demonstrate MOL Group’s sustained financial stability with a net gearing ratio standing at 18.5% and a net debt to EBITDA ratio close to 1.

MOL Chairman-CEO Zsolt Hernádi commented on the results: “In the first half of the year we accelerated our investments in our key projects, which are the pillars of MOL’s future. We took one further step in the North Sea as well as continued our accelerated international work programs. We are in the middle of the Upstream portfolio restructuring. Current lower level of production matches our recent guidance as barrels from divested fields are already missing while contributions of our investments, both organic and inorganic, are still to come. However, I firmly believe that we will see higher production levels as of the next quarters and achieve our mid-term targets in the coming years, as well. In Downstream, we face weak external conditions, however, we are on the right track to deliver our strategy. We see good opportunities in expanding our regional Retail markets which will strengthen our captive market positions. We recently acquired more than 200 service stations from eni and I hope we can announce further deals in the region soon. Overall, both in Downstream and Upstream the drivers are now in place, but the drivers need time to emerge.”

About MOL Group

MOL Group is an integrated, independent, international oil and gas company, headquartered in Budapest, Hungary. It has operations in over 40 countries and employs almost 29,000 people worldwide. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production plants in 8 countries and exploration assets in 13 countries. The Group operates four refineries and two petrochemicals plants, under integrated supply chain management, in Hungary, Slovakia and Croatia. MOL Group also owns a network of over 1,700 service stations across 11 countries in Central & South Eastern Europe.

Press Contact

Judit Németh

MOL Group International Communications Expert

m: +36 20 254 5169 | @: Diese E-Mail-Adresse ist vor Spambots geschützt! Zur Anzeige muss JavaScript eingeschaltet sein!

Tamás Berzi

MOL Group International Communications Expert

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MOL Group’s Concept Service Station Wins Prestigious Green Award

  • MOL Group’s zero-carbon solar powered service station in Budapest wins Energy Globe National Award
  • Creative use of alternative energy has a reduction of 190 tons of CO2 in MOL Group’s service station yearly
  • Energy Globe Award covers more than 160 countries and over 1000 projects worldwide

BUDAPEST, 29th July, 2014 – Today, MOL Group’s service station has received the Energy Globe National Award (EGNA), handed over by Ambassador Wolfgang Waldner, Chargé d’Affaires of the Embassy of Austria in Budapest. The award winning service station in Budapest, Istenhegyi Street has been designed by Zsolt Zombori, Europa Studio Architecture in 2012. The best in class service station even beats the efficiency of passive buildings and has a number of smart solutions and non-industry typical standards such as ecological walls and roof, thermal insulation in the building and photovoltaic electric system.
The award was founded in 1999 by the Austrian Energy Pioneer Wolfgang Neumann and is one of the most prestigious environmental awards.

The prestigious environmental award handed over by Ambassador Wolfgang Waldner, underlines MOL Group’s commitment to the balanced integration of economic, environmental and social factors into the everyday business operations. MOL’s Istenhegy service station, owns an “A” – the best- category in energy saving, is a pioneer project to find innovative solutions such as thermal insulation, green wall and roof, LED-lighting and alternative heating system, which ensures to operate as a zero-carbon emission service station.

"I am particularly pleased that with Mr. Zsolt Zombori, architect of Europa Studio Architecture, the National Energy Globe Award is given to a Hungarian project for the first time. MOL Group’s service station in Buda is more than an eye-catching project: adaption of future-oriented technologies at a service station – which is rather a typical place to sell fossil fuels - is particularly noteworthy." – said Ambassador Wolfgang Waldner.

On the Ambassador’s invitation Dominic Köfner, Vice President for Corporate Communications represented MOL Group and commented: “I’m delighted that our concept service station has won this Austrian Award which is the proof of our engagement towards green solutions.”

MOL Group is committed to decrease the impact on the environment caused by its operations and utilisation of its products, therefore the company is constantly seeking to improve its environmental performance and to find solutions to tackle the new emerging issues that affect the energy industry.

To find out more information about MOL Group’s award winning service station, please click on this link.

About MOL Group

MOL Group is an integrated, independent, international oil and gas company, headquartered in Budapest, Hungary. It has operations in over 40 countries and employs almost 29,000 people worldwide. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production activities in 8 countries and exploration assets in 12 countries. The Group operates four refineries and two petrochemicals plants, under integrated supply chain management, in Hungary, Slovakia and Croatia. MOL Group also owns a network of over 1,700 service stations across 11 countries in Central & South Eastern Europe.

About the Energy Globe Award

With more than 160 participating countries and over 1000 project submissions annually the Energy Globe Award is today's most prestigious environmental prize worldwide. It highlights projects regionally, nationally and globally those conserve resources such as energy or utilize renewable or emission-free sources. The goal of the Energy Globe Award is to create the necessary awareness concerning solutions to our environmental problems and to demonstrate that each of us can make a positive contribution. The winning Energy Globe projects serve as examples, which are presented on the Energy Globe website and in the Energy Globe project database.

Award ceremonies are held all over the world. Prominent personalities as well as Energy Globe Ambassadors in 90 countries support the mission of Energy Globe.

Press contact

Judit Németh
MOL Group International Communications Expert           
m: +36 20 254 5169 | @: Diese E-Mail-Adresse ist vor Spambots geschützt! Zur Anzeige muss JavaScript eingeschaltet sein!

Tamás Berzi
MOL Group International Communications Expert           
m: +36 20 409 7632| @: Diese E-Mail-Adresse ist vor Spambots geschützt! Zur Anzeige muss JavaScript eingeschaltet sein!

From left to right: Béla Csorba (MOL Group Network Development and Asset Manager), Dr Erika Teoman-Brenner (Head of Austrian Foreign Trade Office in Budapest), Zoltán Ajtony Hevesi (Deputy State Secretary, Ministry of National Development), Zsolt Zombori (Europe Studio Architecture), Ambassador Wolfgang Waldner, Chargé d’Affaires (Embassy of Austria in Budapest), Dominic Köfner (MOL Group Vice President for Corporate Communications)

Istenhegy service station, Budapest

MOL Extends its Upstream Portfolio in the Central North Sea

  • MOL Group acquired offshore assets in 6 licenses from Premier Oil
  • MOL’s 2P reserves increased by 14.3 MMboe from three producing fields
  • MOL Group’s overall UK peak production is expected to reach 20-22 mboepd in 2018
  • Purchase price USD 130 mn is subject to adjustments at closing

BUDAPEST – 30th June, 2014 – In line with MOL Group’s active portfolio development strategy, a Sale and Purchase Agreement has been signed with Premier Oil UK Limited (“Premier”) to acquire shareholding interest in Central North Sea offshore assets in 6 licences. The transaction contains certain assets of Premier Oil UK Limited including a balanced mix of existing and new production as well as both operated and non-operated exploration opportunities in the Scott-Telford and Rochelle Area for a consideration amounting to USD 130mn.

The portfolio includes non-operated equity stakes in the Scott (21.84% unitised Working Interest [“WI”]), Rochelle (15% unitised WI) and Telford (1.59% unitised WI) fields, as well as participating interest in further exploration licences such as the Rochelle Upper Jurassic deep prospect.

The acquisition is estimated to increase MOL’s 2P Reserves by 14.3 MMboe from the three producing fields (Scott 9.3 MMboe, Rochelle 4.4 MMboe, Telford 0.5 MMboe), deriving from 73% oil and 27% from gas. Besides the reserves, further Prospective Resources (7 MMboe, unrisked) provide additional upside potential.

Year to date production from above-mentioned assets has averaged 3.7 mboepd, while the peak production of the assets is expected to reach 6.2 mboepd in 2016. Overall UK peak production for MOL now is expected to reach 20-22 mboepd in 2018. Together with MOL Group’s already existing assets in the UK North Sea, this transaction will combine to create considerable operational synergies. Key assets (Scott, Telford and Rochelle) are operated by Nexen, one of the largest and most reputable and experienced operators in the region.

Alexander Dodds, Group Executive Vice President for Upstream commented: “This transaction extends the presence of MOL Group on the global map of offshore E&P and provides several additional strategic rationales. Building on our already existing assets in the UK North Sea, this acquisition represents a significant step forward in growing a solid sizable North Sea portfolio. I am certain that these assets are of considerable quality and will bring further positive results. The synergies gained with this transaction will complement MOL‘s ambitions, and help realize the company’s vision of considerable growth of its international portfolio.”

About MOL Group

MOL Group is an integrated, independent, international oil and gas company, headquartered in Budapest, Hungary. It has operations in over 40 countries and employs around 29,000 people worldwide. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production plants in 8 countries and exploration assets in 13 countries. The Group operates four refineries and two petrochemicals plants, under integrated supply chain management, in Hungary, Slovakia and Croatia. MOL Group also owns a network of over 1,700 service stations across 11 countries in Central & South Eastern Europe.

Press contact

Judit Németh
International Communications Expert
m: +36 20 254 5169 |@: Diese E-Mail-Adresse ist vor Spambots geschützt! Zur Anzeige muss JavaScript eingeschaltet sein!

Tamás Berzi
International Communications Expert
m: +36 20 409 7632 |@: Diese E-Mail-Adresse ist vor Spambots geschützt! Zur Anzeige muss JavaScript eingeschaltet sein!

MOL Opens its Regional Office in Erbil, Kurdistan Region of Iraq

  • New Regional Office to centralize MOL’s activities in the Middle East and Africa region
  • Former CEO of Kalegran Ltd. Majdi Ahmad appointed as regional director
  • Local communities and experts to benefit from MOL’s experience in the region

BUDAPEST – June 17th 2014 - MOL Group proudly announces the opening of its new regional office in Erbil, Kurdistan Region of Iraq, effective from 1st of June. The Group Regional Office will be responsible for controlling the operations in the Middle East and Africa, benefiting from the local experience of the management.

The Kurdistan Region of Iraq plays a significant role in MOL Group’s strategy in the MEA region, and contributes greatly to our balanced international E&P portfolio.

“This new, centralized organization set-up allows us to rationalize Upstream planning and decision making processes in line with the Group E&P strategy and thus increases our efficiency.” - highlighted Alexander Dodds, MOL Group Executive Vice President of Exploration and Production.

“We consider this step as a vote for political stability of a democratic Kurdistan Region as well as a significant commitment by MOL Group to a long-term presence in the Kurdistan Region of Iraq.” - said MOL Group Corporate Affairs Senior Vice President, Szabolcs I. Ferencz.

The implementation and execution of all regional business plans will be conducted by the Regional Director of the Erbil office, which will gradually expand in the coming months.

“In addition, the Regional Office’s wide geographical scope will allow our local staff, our sponsored Kurdish students, as well as local communities to benefit from MOL Group’s regional experience, including Pakistan and Oman.” - commented Dr. Majdi Ahmad, Regional Director of Middle East and Africa.

About MOL Group

MOL Group is an integrated, independent, international oil and gas company, headquartered in Budapest, Hungary. It has operations in over 40 countries and employs around 29,000 people worldwide. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production plants in 8 countries and exploration assets in 13 countries. The Group operates four refineries and two petrochemicals plants, under integrated supply chain management, in Hungary, Slovakia and Croatia. MOL Group also owns a network of over 1,700 service stations across 11 countries in Central & South Eastern Europe.

Press Contact

Judit Németh
MOL Group International Communications Expert
m: +36 20 254 5169 | @: Diese E-Mail-Adresse ist vor Spambots geschützt! Zur Anzeige muss JavaScript eingeschaltet sein!

Tamás Berzi
MOL Group International Communications Expert
m: +36 20 409 7632 | @: Diese E-Mail-Adresse ist vor Spambots geschützt! Zur Anzeige muss JavaScript eingeschaltet sein!

Catcher Area Field Development Plan Approved by UK Energy Ministry

  • MOL Group’s Catcher asset moves into execution phase
  • MOL possesses a 20% non-operated stake in the Catcher Area project
  • Catcher part of portfolio of North Sea offshore assets acquired from Wintershall
  • First oil targeted for mid-2017

BUDAPEST, Hungary – 12th June 2014 – MOL - with its partners Premier Oil and Cairn Energy - has received approval for the Field Development Plan of the Catcher area. Expected production from Catcher is 96 million barrels of oil equivalent, with a peak production rate of around 50,000 barrels of oil equivalent per day.

MOL Group welcomes the approval of the Catcher area Field Development Plan (FDP) by the UK Department of Energy and Climate Change (DECC). The Premier-operated Catcher area, located in the UK Central North Sea, is expected to produce 96 million barrels of oil equivalent with a peak production rate of around 50,000 barrels of oil per day.

Michael Fallon, Minister of State for Energy, commented: “The Catcher area development shows that there continues to be an extraordinary level of interest in North Sea oil and gas, which is excellent news for industry and for the whole of the UK. The project represents over £1bn of investment and almost all of the subsea expertise and equipment needed for this development is being supplied by British companies right across the country.”

MOL Group will be partnering Premier in the development of Catcher, which will entail the drilling of 22 subsea wells (14 producers and 8 water injectors) on the Catcher, Varadero and Burgman fields. These wells will be tied back to a leased floating production storage and offloading unit. The oil will be offloaded by tankers while the gas will be exported through the Segal facilities.

MOL’s 20% equity stake in Catcher is part of a portfolio of North Sea offshore assets acquired from Wintershall, in a deal which closed in March 2014.

“Having Catcher Field Development approval is a milestone in our North Sea strategy which contributes to our growth strategy in the region. With the FDP in place the development of the field now moves into the execution phase, and during this phase we look forward to close cooperation with our partners, Premier Oil and Cairn Energy. This region is of growing importance for MOL; we have also submitted a bid for licences in the UK Government’s 28th offshore round of oil and gas licensing, and we look forward to a successful outcome of our submission."- said Alexander Dodds, Executive Vice-President, Exploration and Production, MOL Group.

All key service contracts for Catcher have been awarded and the project is now in the execution phase. First oil is targeted for mid-2017.

“Having discovered Catcher in 2010, we are extremely pleased to have brought the Catcher area through the development approval process. Once on-stream this project, which has been facilitated by the government’s small field allowances, will underpin our growing cash flows.” - added Simon Lockett, Chief Executive Officer of Premier Oil.

About MOL Group

MOL Group is an integrated, independent, international oil and gas company, headquartered in Budapest, Hungary. It has operations in over 40 countries and employs almost 29,000 people worldwide. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production activities in 8 countries and exploration assets in 13 countries. The Group operates four refineries and two petrochemicals plants, under integrated supply chain management, in Hungary, Slovakia and Croatia. MOL Group also owns a network of over 1,700 service stations across 11 countries in Central & South Eastern Europe.

Press contact

Judit Németh
MOL Group International Communications Expert
m: +36 20 254 5169 | @: Diese E-Mail-Adresse ist vor Spambots geschützt! Zur Anzeige muss JavaScript eingeschaltet sein!

Tamás Berzi
MOL Group International Communications Expert
m: +36 20 409 7632 | @: Diese E-Mail-Adresse ist vor Spambots geschützt! Zur Anzeige muss JavaScript eingeschaltet sein!

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