MOL signs cooperation agreement with Austrian peer RAG

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

Reply New Message

Prev Message Back To Forum Threaded View Next Message

solyomtwo

Rank: President [?]

Points: 70839 [?]

Votes: 70 Score: 4.0 [?]

Your Vote:

Please Log In to Vote

Did you know? You can earn activity points by filling your profile with information about yourself (what city you live in, your favorite team, blogs etc.)

MOL signs cooperation agreement with Austrian peer RAG

posted on Dec 16, 2009 09:59AM

Remember the OMV - MOL 'love' affair of past years? Well, looks like you can still find true love in Austria :)

MOL signs cooperation agreement with Austrian peer RAG

http://www.bbj.hu/index.php?col=1000&id=51175

Wednesday 13:40, December 16th, 2009

Hungarian oil and gas company MOL on Wednesday said it signed a declaration of intent on joint exploration and field development in Hungary with Austria's Rohol-Augfsuchungs Aktiensgesellschaft (RAG).

The aim of the cooperation is to ensure further oil and gas production from sources in Hungary and improve the country's security of supply, MOL said. The cooperation will create opportunities for both partners and allow more efficient exploration and development.

The cooperation will involve fields for which licenses have already been obtained and for which licenses have been applied for.

MOL and RAG also agreed to give each other preferential status in future activities.

RAG is Austria's oldest independent oil and gas company. It is involved in exploration and production activities in Austria, Germany, Hungary and Poland. RAG also operates one of Europe's biggest underground gas stores.

RAG and its partners aim to have combined gas storage capacity of 5 billion cubic meters by 2011.