MOL Group’s E&P portfolio is composed of valuable exploration assets in 12 countries and producing assets in 7 countries. To strengthen this asset base, an intensive exploration campaign was undertaken in 2012 with a 64% drilling success rate. MOL’s exploration-driven Upstream strategy focuses on organic growth opportunities. In geographical terms, our traditional core area has always been Central & Eastern Europe, while we successfully diversified our portfolio by adding international assets. Taking advantage of our regional and local experience and operational know-how we acquired new blocks in countries where we already had strong presence such as Oman, Kazakhstan and Russia and entered Romanian blocks next to the Hungarian border to exploit our extensive Pannonian Basin experience. In addition to the above-mentioned highlights, in the past year organisational changes were put in place in the Division to enhance value creation throughout the value chain. The principle of flat organisation was adopted by reducing the number of hierarchical levels which is expected to lead to clearer roles, responsibilities and accountabilities with faster and more transparent decision-making.
- Positioned as a strong growth pillar of MOL Group
- Present in 12 countries
- Exploration-led Group strategy
- Proven track record and an outstanding exploration drilling success rate of 64% in 2012
- New blocks in Kazakhstan, Russia, Oman and Egypt in the current MOL Group universe and 3 new blocks in Romania, as routes to expansion
- More emphasis on active portfolio management
- Organisational change within Upstream Division to enhance value creation throughout the value chain
As an integrated oil and gas company with over 75 years’ experience in Central Europe and two decades of international exposure outside the region, MOL Group’s E&P strengths derive from field development-driven growth in the short-term, the transformation of existing exploration assets into production mode in the mid-term e.g. in Kazakhstan and the exploitation of long-term opportunities based on our exploration-led strategy e.g. in the Kurdistan Region of Iraq.
In addition, MOL ranks amongst the leading European low-cost onshore producers which ensures that outstanding unit profitability is delivered.
Further organic growth in our diversified upstream portfolio is strengthened by accumulated industry know-how both at MOL and INA. Such operational experience supports our dynamic exploration-driven strategy: most of our existing prospects will be drilled within three years and we aim to add further portfolio elements, all with value creation potential. Through INA, we have a track record of more than 15 years’ shallow offshore experience.
Our company has a well-established presence and thriving partnerships in the CIS region, the Middle East and Africa. Our production activities in 7 countries will provide a good basis for the next three years, while our intensive exploration and appraisal programme will ensure reserve and production growth for years to come.