Croatia: MOL wants to search hydrocarbons in Croatia

, SEE Energy News

MOL wants to increase the annual production of 10 to 15% and it can’t get permits in Croatia.Hungarian MOL will invest a billion dollars this year in exploration and production activities, and they wish for permits for discovered and developed fields in Croatia, confirmed Vice President of MOL’s board of directors for the exploration and production Alexander Dodds.

MOL aims to increase daily production at 170 to 180 thousand barrels by 2018, from 101 thousand barrels per day at end of the third quarter of 2013. It’s a total annual production increase of 10 to 15%, and this year the goal of 103 thousand barrels per day is determined, which does not include the production of a newly activated business in the North Sea or other acquisitions. Indicated billion dollars figure is approximate, depending on the circumstances, and MOL’s cash flow provides financing of acquisitions, says Dodds.

In this field, the biggest challenge is getting the permit to produce on already discovered or developed areas. He claims that Ina could produce in Croatia additional 4,000 to 4,300 barrels of oil equivalent per day, if once again obtained proper permits. This amount corresponds to nine percent of INA’s production, and Croatian state misses tax revenues, he notes.

Source; Serbia Energy See Desk