January 25th 2010, Bucharest, Romania
Budapest (Hungary) / Targu Mures (Romania), 25 January 2010 - MOL Hungarian Oil and Gas Plc (MOL), one of the leading integrated oil and gas companies in Central Europe and Expert Petroleum SRL (Expert), Romanian oil and gas company dealing with rehabilitation of mature oil and gas fields, have today signed an agreement to jointly re-develop and rehabilitate the gas and condensate field located across the border of the two countries in the Pannonian basin at Sarkadkeresztur (Hungary) and Salonta (Romania).
MOL and Expert agreed to jointly conduct a combined reservoir study in the first phase, followed by the execution of a production enhancement plan in order to increase the production and the reserves of the field. Mr. Attila Holoda, Managing Director of Eurasian E&P of MOL Group said: "The Hungarian petroleum industry has already more than 70 years experience and MOL and its predecessors have built up a significant and serious experience and expertise in enhanced oil and gas applications in old and near depleted fields during the last couple of decades. This project is a good opportunity to combine this experience and expertise with our partner's special knowledge on field rehabilitation as well as utilize them for a fruitful cooperation in one of our strategic countries, in Romania."
Mr. Michel Louboutin, General Manager of Expert Petroleum SRL added: "We are very pleased to combine our mature asset rehabilitation expertise and local operational capabilities with MOL's large E&P experience and portfolio in the Pannonian Basin. We believe this ambitious and innovative partnership could bring a lot of value to the O&G assets in this region."
About MOL
"MOL is a leading international, integrated and independent oil and gas company, headquartered in Budapest, Hungary. It has operations in EMEA and the CIS member states and it employs over 34.000 people worldwide. MOL owns 5 highly complex refineries in Hungary, Slovakia, Croatia and Italy with a refinery capacity of 23.5 mtpa and according to Wood Mackenzie global survey, the refineries in Hungary and in Slovakia are the most efficient refineries in Europe. MOL Group operates over 1600 filling stations in Europe and a more than 5,500 km long high pressure natural gas pipeline network in Hungary. MOL is active in regional gas transmission and trading. MOL currently established an underground gas storage with a unique strategic mobile capacity of 1,2 bcm and 0,7 bcm commercial capacities. In petrochemicals MOL Group is among the top ten polymer market players in Europe."
About Expert Petroleum
With regional offices in Romania for Central and Eastern Europe and in Jordan for the Middle East and North Africa, Expert Petroleum is an innovative upstream oil and gas company that redevelops and rehabilitates mature oil and gas fields through direct license ownership or in partnership with companies in need of personnel, expertise, or capital. The Expert team combines extensive experience in Romania with international experience at some of the most successful field redevelopment and rehabilitation projects in Venezuela, Norway, and elsewhere. Expert was founded as part of the NT&S Energy, a holding company of a group of specialized international oil and gas companies with operations in the Middle East, North Africa, Eastern Europe, and North America. For more information, please see www.expertpetroleum.com.
