MOL Increases International Upstream Clout

Latest developments seem to indicate that Hungary’s MOL is successfully proceeding with its internationalisation strategy in the upstream sector, and it is also moving on with downstream activities in Romania. 

‘MOL Hungarian Oil and Gas Plc. hereby informs the capital market participants that it has successfully closed the previously announced deal of acquiring 100% ownership in Ithaca Petroleum Norge (“IPN”) from Ithaca Petroleum Ltd’ the company wrote on Thursday.

With the transaction, the company wants to enter Norway and enhance its international exploration portfolio.  

“Entering Norway as one of the most investor friendly countries is an important milestone in our E&P Strategy. Norway will become a key exploration hub for MOL Group in the future and will help us to achieve our goal of becoming an offshore operator in the North Sea” Alexander Dodds, Group Executive Vice President for Upstream, said.

MOL, which said that it registered a daily production record at the Shaikan oil field in the Kurdistan region of Iraq, is about to complete the rebranding of the 42 Agip fuel stations in Romania, following a EUR 5 million investment.