MOL Starts Production at 3 Shallow Gas Wells in Hungary
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Hungarian oil and gas company MOL on Monday announced the start of production at three new shallow gas wells in the east of the country, according to a report by state news wire MTI.
The three wells could produce as much as 750 barrels of oil equivalent per day, enough gas to supply up to 20,000 households for several years, MOL said.
MOL noted that 16 of 18 shallow gas wells it has drilled in recent years have been successful. Shallow gas wells account for about 5% of MOL's annual 1.4 billion cubic meters of domestic gas production.
The company plans to invest around HUF 200 bln in domestic hydrocarbon exploitation over the coming five years.
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