MOL spreads exploration and production risk

The Hungarian MOL Group is spreading its upstream risk more evenly, balancing growth in the relatively stable North Sea

“Irrespective of the oil price, you need to keep finding it”, according to MOL Group’s exploration and business development Senior Vice President, Brian Glover. The Norwegian operation was finalised when oil was $50/b, he told a press briefing in Budapest in mid October, “and we are continuing to build a position there. The rate of return is incredibly good. MOL has built up significant capital for upstream investment, and opportunities come up when companies look stressed. We are strategically looking at where the best options are.” He said there were risky areas, such as Pakistan, where it is very close to the border with Afghanistan, and Kurdistan where it has the Akri Bijell and Chaikan