MOL Hits Oil & Gas off Norway

Hungary's MOL said on March 18 it had found more oil and gas at its operated licence 820S in the Norwegian North Sea.

MOL is completing work on an exploration well and a sidetrack, it said. The pair were drilled near the Var Energi-operated Balder field 8 km north of the Ringhorne platform, the Norwegian Petroleum Directorate (NPD) said separately.

The main well identified a 34-metre gas column as well as an oil column of at least 45 metres, the NPD said. It flowed oil and gas at a maximum rate of around 3,460 barrels of oil equivalent/day during tests, according to MOL.

MOL gave a preliminary estimate for the find of between 12-71mn barrels of oil equivalent. The sidetrack well identified additional hydrocarbons.

MOL operates 820S with a 40% stake, while Sweden's Lundin Petroleum also has 40%, and Germany's Wintershall Dea and Norway's Pandion Energy each have 10%.