Hungary's top oil and gas producer said it had bid Friday for a 100% stake in a company based in a major Russian oil-rich region with developed pipeline infrastructure.
MOL did not specify the acquisition target or financial details but said the company owned an oil field, which currently yields 1,800 bbl/d and has proven reserves of 60 million bbl of oil equivalent.
The Hungarian company said the Russian asset had vast potential and would fit well into the company's business strategy of expanding into Russia's oil and gas sector.
MOL was set up in 1991 on the basis of Hungary's national oil and gas trust OKGT. It specializes in oil and gas prospecting, production, transportation, storage, distribution and sales, runs over 3,232 miles of trunk gas pipelines and owns more than 440 gasoline stations in Hungary, Slovakia and Romania.
