MOL and RussNeft satisfying gas-utilization requirement

Falcon is a global energy company with projects in Hungary, Australia & South Africa

Developing large acreage positions of unconventional and conventional oil and gas resources

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solyomtwo

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MOL and RussNeft satisfying gas-utilization requirement

posted on Aug 07, 2009 08:57AM

MOL and RussNeft satisfying gas-utilization requirement

Budapest Business Journal

Friday 10:54, August 7th, 2009

Hungarian oil and gas company MOL and its Russian partner RussNeft agreed at an extraordinary board meeting on Thursday to build a new power plant in order to meet their obligation to use at least 95% of the gas released from oil wells at the Zapadno-Malobalyk oil field in Siberia, MOL announced on Thursday.

MOL and RussNeft operate the oil field in a 50-50 joint venture called Zapadno-Malobalyk (ZMB). ZMB will set up gas turbines at the site, which will drive electricity generators, providing electricity for oil extraction.

Russian mining authority Rosnedra said earlier it would withdraw the license for the Zapadno-Malobalyk field if ZMB fails to fulfill the gas-utilization obligation stipulated in its contract.

ZMB will cover the project from the company's own resources.

MOL and RussNeft also decided to launch a new drilling programme to set up 12 oil wells.(MTI-ECONEWS)

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