Hungarian oil and gas company MOL said that it has decided to halt the development of all its projects in Russia and reconsider its investment strategy in the country, including the 51 % stake in Baitugan oil field.
Baitugan field in the Volga-Urals region is MOL’s sole upstream asset in Russia. With 51 % stake, the Hungarian company is the project’s operator, while Turkish Petroleum (TPAO) holds the remaining 49 %. In the third quarter of 2022, the field’s output amounted to 4,000 barrels per day, representing 4 % of MOL’s global output.
MOL officials said that the company finds the continuation of its investments in Russia impossible under current conditions.