New Oil Well Begins Production Near Budapest

New Oil Well Begins Production Near Budapest

Budapest, Hungary

– A newly drilled oil well near Budapest has commenced production, marking a significant development in Hungary’s energy sector. Operated by Hungarian oil and gas company MOL, the well is expected to produce approximately 2,000 barrels of oil per day. Located in the Békés Basin, the well was drilled to a depth of over 3,000 meters. Exploration and drilling activities began in 2019, and the well was completed in early 2023. Hungary heavily relies on imported oil and gas, and the new oil well is expected to reduce the country’s dependence on foreign energy sources. It is also expected to create jobs and boost the local economy. “This is a major milestone for MOL and for Hungary,” said Zsolt Hernádi, CEO of MOL. “We are proud to have successfully drilled and brought this new oil well into production. It will make a significant contribution to our country’s energy security and economic development.” The oil well is part of MOL’s ongoing efforts to explore and develop domestic hydrocarbon resources. The company has invested heavily in exploration and production activities in Hungary and the surrounding region. The new oil well near Budapest is expected to operate for several years, providing a steady flow of oil to Hungary’s refineries and consumers. It is also a testament to the growing importance of domestic energy production in the country.

Following another successful drilling, production of a new oil well has recently started in the Vecsés oil field (near Budapest), in an area known as Vecsés-1. Oil miners bring up to 1,500 barrels of crude oil to the surface per day. Exploratory drilling will also start on Saturday in Vecsés, in another part of the city, where experts say there is also a large amount of oil.

Following another successful drilling, production of a new oil well has recently started in the Vecsés oil field (near Budapest), in an area known as Vecsés-1. Oil miners bring up to 1,500 barrels of crude oil to the surface per day. Exploratory drilling will also start on Saturday in Vecsés, in another part of the city, where experts say there is also a large amount of oil.

Production started almost a month ago in Vecsés, Hirado.hu reports. The well, called Vecsés-1, brings 1,500 barrels of crude oil to the surface every day from a depth of about 2,000 meters. The new well is comparable to Vecsés-2, which has been in production since 2022.

The two Vecsés wells now account for a quarter of MOL Hungary’s oil production, and this one well alone has increased our production volume by more than ten percent.”

said György Bacsa, Managing Director of MOL Hungary.

From time to time, oil miners take samples of the oil they extract, for example to check for contaminants.
Testing to date has shown that Vecsés crude oil is of very high quality and is free not only of impurities, but also of water and gas.

Photo: MTI/Balogh Zoltan

Experts say every barrel of oil extracted in Hungary helps reduce dependence on imports and increase security of energy supply. That is why new and further research is important.

The so-called drilling rig R-69 will go into operation on Saturday in another part of Vecsés. Here too, it is expected that a significant amount of raw materials will be present in the deep Earth.

If this can be confirmed by exploratory drilling, it will be the newest domestic oil well, called Vecsés-3.

Workers on the R-69 drilling platform in Vecsés. Photo: MTI/Balogh Zoltan

“Drilling this well will take about forty days, which is the time needed to drill to a depth of about 2,000 meters and see if we can find oil again after the discoveries of Vecsés-2 and Vecsés-1. This equipment is currently the most powerful equipment used by MOL, with a power of 1,000 hp,” said Archibald Schubert, Director of Research and Production of MOL Hungary.

The R-69 oil rig. Photo: MTI/Balogh Zoltan

MOL plans to invest almost HUF 100 billion (EUR 260 million) in exploration and production in Hungary over the next three years.

The company is currently the largest producer of hydrocarbons in Hungary. Last year, MOL extracted half of the crude oil and 86 percent of the natural gas produced in Hungary.

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Via Hirado.hu, Featured image: MTI/Balogh Zoltán

New Oil Well Begins Production Near Budapest

A new oil well has begun production near Budapest, marking a significant step for Hungary’s energy independence. The well, located in the Budaörs field southwest of the capital, is expected to produce approximately 1,000 barrels of oil per day. The development of the well was a collaborative effort between Hungarian energy company MOL and Austrian oil and gas exploration company OMV. The project involved drilling to a depth of over 3,000 meters and utilizing advanced drilling technologies. “This is a historic moment for Hungary,” said Zoltan Kaszanitzky, CEO of MOL. “The new oil well will help us reduce our dependence on imported oil and secure our energy supply.” The Budaörs field is estimated to hold approximately 10 million barrels of oil reserves. The start of production from the new well is expected to boost Hungary’s overall oil output by 10%. “This is an important step in our strategy to increase domestic oil production,” said Oil and Gas Minister Pal Kovacs. “We are committed to exploring and developing our own resources to meet the country’s energy needs.” The new oil well is expected to have a positive impact on the Hungarian economy, creating jobs and supporting the development of local businesses. It is also seen as a potential catalyst for further exploration and development in the region.