MGYOY Mol Magyar Olay Es Gazipari Rt (PK)

BUDAPEST--Hungarian oil and gas company MOL Nyrt.'s Croatian subsidiary INA d.d. started production at new natural gas fields in the Međimurje project, MOL said on Thursday.

MAIN FACTS:

- INA has successfully started its test production in two of its gas fields in Croatia, following a USD64 million investment program in the Međimurje project. INA has begun the test production of gas at two of its fields, Vuckovec and Zebanec.

- At the third field, Vukanovec, production is expected to begin in early 2017.

- Incremental production is estimated at around 2,000 barrels of oil equivalent per day in the second half of 2016 on average and it is expected to further increase in 2017.

- Five production wells were drilled and equipped along with a total of 100 kilometers of new pipeline.

- Cumulative yield of gas is estimated to be at around 1 billion cubic meters and the vast majority is to be exploited by 2024.

- An additional main objective is that the carbon dioxide that is being extracted from the fields in the Međimurje project will be transported to the Zutica and Ivanic oil basins via pipeline. It will then be reinjected into the ground in the frame of INA's ongoing EOR project.

- Berislav Gaso, MOL's E&P COO said: "The Međimurje project, along with our comprehensive production optimization program in central and Eastern Europe, is yet another important part of MOL's efforts to maximize the extraction of profitable barrels of hydrocarbons, which helps to ensure that our portfolio is creating value even in the current oil price environment. The expected incremental production of around 2,000 barrels of oil equivalent per day will keep onshore hydrocarbon production in Croatia on its growing trend."

Write to Margit Feher at margit.feher@wsj.com

(END) Dow Jones Newswires

July 28, 2016 04:33 ET (08:33 GMT)

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