Hungary MOL buys into Indian assets

After signing of the Memorandum of Understanding in January, the Hungarian energy group MOL and Indian national Oil and Natural Gas Corporation Limited (ONGC) announced that they signed a Farmout agreement on May 8. In the framework of the deal, MOL will acquire 35 percent interest in an exploration block (HF-ONN-2001/1) in North-West India. ONGC is involved in exploration and production of hydrocarbons not only in India, but also worldwide.

The company holds also shares in refining and transmission of products, natural gas and petrochemicals businesses. The companies expect now the deal to be approved by the Indian authorities. The gas field is a 1,513 square kilometres area, operated by ONGC. One exploration well is planned to be drilled by the end of 2008 and one other in the 3rd exploration phase. In case of successful exploration activity gas and condensate production is expected. Hungarian company suggested it offered Indian partners expertise of exploration in highly complicated areas, gained in Northern Pakistan

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