BUDAPEST – Hungarian oil and gas group MOL MOLB.BU has found new oil and gas in the TAL block in Pakistan, the company said in a statement on Monday. “Oil and gas have been encountered in the exploratory well, Tolanj X-1 that is being drilled in TAL Block, Pakistan,” MOL said.
The drilled section yielded 2,900 barrels of oil equivalent per day worth of gas, MOL said and added that it also found oil, but it did not quantify that find. KBC Securities analyst Lajos Meszaros said the find on its own is not very significant for the company, but it signals the importance of Pakistan.
He added that because of the 10 percent share that MOL has in this project, this represents only about 0.2 percent of the planned annual output of 145,000 barrels per day. The company said recently that its upstream segment would be a key piece of its growth strategy, especially in Syria and Iraq while CEO Gyorgy Mosonyi said the company also had planned to raise its capital expenditure to 370 billion forint ($1.88 billion) this year from 332 billion in 2010.
