CORRECT: MOL Hopes For Hungary Tight Gas Production To Start In 2015
September 22 2011 - 10:57AM
Dow Jones News
Hungarian oil and gas company MOL Nyrt. (MOL.BU) is hopeful that
its local unconventional natural gas venture will result in
production by 2015.
However, there are many hindering factors, which include the
unexplored geological conditions and lack of necessary technology,
the company's managing director of Eurasian exploration &
production, Attila Holoda, said Thursday at a conference organized
by business daily Napi Gazdasag.
Holoda pointed out that MOL's unconventional exploration project
in the southeastern region of Hungary, long known by geologists to
contain an unspecified but substantial amount of carbon hydrogens
is about to take a major step forward.
"We are planning a major fracking operation this year," he said,
referring to the rock layer fracturing procedure used to access gas
that is found at great depths.
Holoda stressed that although Hungary hasn't been able to
achieve any major successes in unconventional drilling to date, its
professionals have amassed a great deal of expertise in the
field.
"Poland, where they have great hopes riding on unconventional
gas, is five to eight years behind us, which is why they're coming
to us for help," he said.
-By Gergo Racz, Dow Jones Newswires, +361-267-0622;
gergo.racz@dowjones.com
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