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Hungary's MOL bullish about future

Higher production levels expected going forward, chairman says.
By Daniel J. Graeber   |   Aug. 1, 2014 at 9:57 AM   |   Comments

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BUDAPEST, Hungary, Aug. 1 (UPI) -- Hungarian energy company MOL said Friday it had a good first half of the year and expected higher production levels from Iraq and the North Sea.

MOL reported a 27 percent increase in net profit, though earnings were down 17 percent. Chairman Zsolt Hernadi said his company was in the middle of a portfolio restructuring phase, though operations were in line with expectations.

"I firmly believe that we will see higher production levels as of the next quarters and achieve our mid-term targets in the coming years," he said in a statement.

The company said it expects to produce as much as 96 million barrels of oil equivalent per day, which should gradually increase to 135 million boe per day by 2018.

Last month, MOL paid $130 million to Premier Oil U.K. Ltd. for six license areas in the central waters of the North Sea, which could hold prospective, unrisked reserves of 7 million barrels of oil equivalent.

Significant additional production is expected from the Shaikan reserve area in the Kurdish north of Iraq.

"Meanwhile, in Croatia, we are intent on increasing production in 2015 due to contributions from some major development projects," the company said.

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