>No, in 1984 with the World Bank credit they deployed 14 wells in the deep drilling program

Not much info available, but this is most likely the project he is referring to

Hungary: Petroleum Project

Approval Date: 27-MAR-1984

Closing Date: 30-JUN-1989

Project ID: P008439 | Project Status: Closed

Total Project Cost: $90,000,000.00

The main objective of the project is to support the Government's strategy for the development of the petroleum sector. This strategy is aimed at arresting the decline in domestic oil and gas production through a series of priority investments in exploration, field development and rehabilitation and enhanced oil recovery. The project also plans to assist in strengthening OKGT's capabilities in the overall management of the petroleum sector. The project consists of: (a) an exploration component including exploratory deep well drilling; (b) an enhanced oil recovery component including four pilot tests and a semi-commercial field demonstration; (c) rehabilitation of one, and development of two gas fields; and (d) technical assistance and training.

It's also interesting how the World Bank's International Finance Committee lends out money if it is beneficial to a country.

Project description Toreador Resources Corporation (Toreador or the company) is a small but rapidly-growing independent oil and gas exploration and production (E&P) company. Headquartered in Dallas, TX and with established operations in the USA and France (where the majority of its current proved reserves and production are located), the company has grown successfully since 2003 by leveraging the stability of its US and French businesses to pursue a strategy of focused expansion in Central and Southeastern Europe. Having identified a series of specific investment projects in this region, notably in Turkey (offshore gas in the Black Sea) and Romania (onshore oil and gas), the company is now seeking long-term external financing in order to accelerate their development. These projects are expected to position Toreador as a key player and foreign investor in Turkey and Romania’s domestic oil and gas sectors, and will produce a shift in Toreador’s production focus from oil to natural gas.

IFC has been asked to provide a corporate credit facility of up to $50 million for its own account to Toreador to help finance a portion of its 2007-2008 capital expenditure program, estimated at $150 million, in Turkey and Romania.

Development Impact

Increased Supply of Domestic Sources of Energy:

The project will increase Turkey and Romania’s supply of domestic sources of energy. Moreover, with the Company’s secondary recovery activities in Romania, the project will improve resource utilization of smaller mature fields which have no interest for the larger players.

Benefits to the Governments:

It is expected that the governments of Turkey and Romania will receive fiscal receipts from royalties, production sharing and/or corporate taxes, generated by the production to be achieved by the proposed investment.

http://www.ifc.org/ifcext/spiwebsite...