Hungary MOL Croatian Unit INA Starts Production at New Gas Fields
28 July 2016 - 6:48PM
Dow Jones News
BUDAPEST--Hungarian oil and gas company MOL Nyrt.'s Croatian
subsidiary INA d.d. started production at new natural gas fields in
the Međimurje project, MOL said on Thursday.
MAIN FACTS:
- INA has successfully started its test production in two of its
gas fields in Croatia, following a USD64 million investment program
in the Međimurje project. INA has begun the test production of gas
at two of its fields, Vuckovec and Zebanec.
- At the third field, Vukanovec, production is expected to begin
in early 2017.
- Incremental production is estimated at around 2,000 barrels of
oil equivalent per day in the second half of 2016 on average and it
is expected to further increase in 2017.
- Five production wells were drilled and equipped along with a
total of 100 kilometers of new pipeline.
- Cumulative yield of gas is estimated to be at around 1 billion
cubic meters and the vast majority is to be exploited by 2024.
- An additional main objective is that the carbon dioxide that
is being extracted from the fields in the Međimurje project will be
transported to the Zutica and Ivanic oil basins via pipeline. It
will then be reinjected into the ground in the frame of INA's
ongoing EOR project.
- Berislav Gaso, MOL's E&P COO said: "The Međimurje project,
along with our comprehensive production optimization program in
central and Eastern Europe, is yet another important part of MOL's
efforts to maximize the extraction of profitable barrels of
hydrocarbons, which helps to ensure that our portfolio is creating
value even in the current oil price environment. The expected
incremental production of around 2,000 barrels of oil equivalent
per day will keep onshore hydrocarbon production in Croatia on its
growing trend."
Write to Margit Feher at margit.feher@wsj.com
(END) Dow Jones Newswires
July 28, 2016 04:33 ET (08:33 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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