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Hungary's MOL finds oil, gas onshore Kazakhstan

Hungarian company will review field's full potential.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   May 27, 2014 at 10:18 AM

BUDAPEST, Hungary, May 27 (UPI) -- Hungarian energy company MOL said it discovered oil and natural gas while drilling into the Rozhkovskoye field onshore Kazakhstan.

MOL said it posted a test flow rate of 1.9 million barrels of oil equivalent and 6 million cubic feet of natural gas per day from the field's Federovsky block.

MOL has a 27.5 percent stake in a consortium controlled by the country's state-owned KazMunaiGas.

The Hungarian company said qualitative analysis was underway to get a better understanding of the full reserve potential in the Federovsky block.

The company offered no reserve estimate for the entire Rozhkovskoye field in its Monday announcement.

Kazakhstan has the second largest oil reserves and is the second largest oil producer among former Soviet republics. Onshore fields like Rozhkovskoye account for roughly half of the country's proven oil reserves, the U.S. Energy Information Administration reports.

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