MOL Makes 13th Discovery in Pakistan
Hungarian oil company MOL has made a gas and condensate discovery at its TAL Block in Pakistan, marking its 13th successful discovery in the country and the tenth at the same block.The company said Tuesday that the Mamikhel South-1 exploratory well had reached a total depth of 4,939 m on May 23, 2020."Upon testing the well flowed gas and condensate from Lockhart & Hangu formation at a flow rate of 6516 boepd (16.12 MMscf/d and 3240 bpd respectively)…
MOL Poducing Hand Sanitizer to Help Fight COVID-19
Hungarian oil and gas company MOL said it has transformed one of its production facilities at Almásfüzitő into a sanitizer production plant as energy companies around the world pitch in to aid the fight against coronavirus. Lubricants producer and MOL Group member MOL Lub Ltd. shifted production of a windshield washer production line in just one week to help combat a shortage of hand and surface sanitizers in Hungary brought on by the COVID-19 pandemic.MOL said the unit is operating 24/7…
MOL Purchases Azerbaijan ACG, BTC Pipeline Stakes
MOL has signed an agreement with Chevron Global Ventures Ltd and Chevron BTC Pipeline, Ltd to acquire their non-operated E&P and mid-stream interests in Azerbaijan, including a 9.57% stake in the Azeri-Chirag-Gunashli (ACG) oil field, and an effective 8.9% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline that transports the crude to the Mediterranean port of Ceyhan, for total consideration of $1.57bn (subject to adjustments at closing).
MOL Trials LNG-Fuelled Tugboat at Kobe
Japanese shipping company Mitsui O.S.K. Lines (MOL) has taken part in the first bunkering of liquefied natural gas (LNG) into a tugboat at the Port of Kobe, Japan.At the Port of Kobe, the tugboat “Ishin” was bunkered with LNG. It is the first LNG-fuelled tugboat in Japan and it is operated by a MOL group subsidiary, Nihon Tug-Boat.LNG fuel for the trial was hauled by a tanker truck from the Himeji LNG Plant of Osaka Gas…
MOL Group On Track to Meet 2019 Guidance
Hungarian international oil and gas company MOL Group delivered an EBITDA of USD 1.15bn in H1 2019, exactly half of the full-year 2019 guidance.Upstream EBITDA was 10% lower in H1 2019 at USD 553mn, as higher volumes were more than offset by lower oil and gas prices. The segment remained the largest free cash flow generator of the Group. Average daily hydrocarbon production was 111.8 barrels of oil…
GA Drilling Gets Capital Boost
Slovakia-based GA Drilling has received a boost to help develop, test and commercialize its innovative plug and abandonment (P&A) technology. The company has signed a £4.2 million ($4.7 million) funding agreement with Budapest based venture capital firm Lead Ventures, with funding provided by Hungary-based integrated, international oil and gas company MOL Group and Hungarian Eximbank.The financing deal…
GA Drilling Gets Fund, Signs Pact with MOL
High-tech deep-drilling company GA Drilling signed a EUR 4.2 million funding agreement with Lead Ventures and a service agreement with MOL Group.Lead Ventures, a Budapest based venture capital firm invested funds provided by MOL Group, and Hungarian Eximbank.The deal gives GA Drilling access to onshore production wells to test its disruptive PLASMABIT plug & abandonment technology in real field conditions.The…
MOL, Total Make Refueling Europe Easier
Japanese logistics giant Mitsui O.S.K. Lines (MOL) and French multinational integrated oil and gas company Total S.A. signed an agreement which will make travelling across Europe easier for their corporate customers.The agreement provides for acceptance of MOL Group Cards by Total in its network of stations in France, Belgium, Luxembourg, The Netherlands and Germany. At the same time, the Total fuel cards will be accepted in the MOL’s and Slovnaft’s network of stations in Hungary…
MOL's LNG-Fueled Tug Begins Bunkering
Japanese shipping company Mitsui O.S.K. Lines (MOL) that its LNG-fueled tugboat 'Ishin' bunkered LNG fuel in Sakai Senboku Port for the first time, in preparation for test operation.MOL ordered the vessel from Kanagawa Dockyard. This is the first bunkering of LNG as a vessel fuel at any port in the Kansai region.The LNG fuel was supplied by Osaka Gas using a truck-to-ship LNG bunkering procedure. The…
MOL Announces Three Initiatives on Global Warming
Japanese shipping giant Mitsui O.S.K. Lines (MOL) has announced its support for three initiatives to address the issue of global warming. The initiatives include supporting, and active participation in the task force on climate-related financial disclosures, Japan climate initiative, ministry of environment "COOL CHOICE" national movement.The MOL Group established the "MOL Group Environmental Vision…
MOL Tabletop Drill Focuses on LNG Carrier Safety
Mitsui O.S.K. Lines announced that it conducted a tabletop drill based on an incident simulation involving an LNG carrier managed by an MOL Group ship management company.MOL holds these drills periodically to confirm its emergency response system in preparation for serious marine incidents.The drill was held on Friday, November 16, with the goal of raising company-wide safety awareness through the simulation of a serious marine incident.
MOL buys Eni's Adriatic Offshore Gas Stakes
MOL Group’s Croatian INA agreed to buy Eni Croatia BV, a wholly-owned member of Eni Group, through which Eni participated in the joint project of gas production in Croatia’s offshore areas Northern Adriatic and Marica.INA will become the 100% owner and the sole operator of the Northern Adriatic and Marica fields after all conditions are fulfilled, including receiving clearance from the antitrust authorities…
BW Offshore Gets Contract Extension for FPSO Polvo
BW Offshore has signed an agreement with Petrorio for a one-year extension for the lease and operation of the FPSO Polvo. The firm period has been extended to Q3 2019 (from Q3 2018), with options until Q3 2022. The company has also announced that BW Catcher FPSO received the First Oil Certificate following the successful completion of the 72-hour interim performance test subsequent to the introduction of hydrocarbons on 23rd December 2017.
MOL's LNG Carrier KUMUL Delivered
Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Junichiro Ikeda) announced the delivery of the LNG carrier KUMUL at Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. (Hudong) in Shanghai on April 29. A naming ceremony was held at the shipyard on April 8. The KUMUL, which was ordered by MOL subsidiary Gemini LNG Shipping Limited (Gemini), is the last in a series of four new-building LNG carriers ordered by MOL to provide LNG transportation for projects in Papua New Guinea. ExxonMobil (*) .
MOL Autopilot Route Control Function Saves 1.5% Energy
Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Junichiro Ikeda) today announced that the company, along with Tokyo Keiki Inc. (President & CEO: Kenichi Waki; Headquarters: Ota-ku, Tokyo), conducted a performance demonstration test of its autopilot route control function, called “Advanced Control for Ecology (ACE)”, onboard a vessel in service. The results show an energy savings of about 1.5%. The ACE estimates disturbance effects such as wind and tide by setting the vessel’s course direction…
MOL Wants Change in Croatia Before Taking Bigger INA Stake
Oil group MOL on Friday publicly raised the prospect of increasing its stake in Croatian peer INA for the first time in years but said it would not do so until Zagreb adopts a more investor-friendly approach to foreign firms. MOL and INA have locked horns for years about control of the Croatian oil company, in which MOL owns 49 percent. MOL also has certain management controls at INA under an agreement with the Croatian state, which holds 45 percent.
MOL Group to Discuss Entry into North Sea Market
Newcomer to the UKCS, Hungary-based MOL Group is set to discuss its entry into the North Sea market at a Society of Petroleum Engineers (SPE) Aberdeen event on May 6, 2015. MOL Group completed a deal in March 2014 to acquire 14 North Sea licenses which resulted in the creation of MOL Energy UK. Managing Director of MOL Energy UK, Chris Bird, will speak at the next SPE Aberdeen Simplified Series event…
MOL JV Ink Deal for 2 LNG Vessels
Mitsui O.S.K. Lines, Ltd. announced today that through a joint venture ship-owning company with Itochu Corporation charter agreements have been signed with E.ON Global Commodities SE, a wholly owned subsidiary of E.ON SE. The joint venture also signed a deal with Daewoo Shipbuilding & Marine Engineering Co., Ltd.’s shipyard in Korea to build maximum of two new 179,900m3 liquefied natural gas (LNG) carriers to be able to fulfil the contractual requirements to EGC.
MOL Still Keen on RWE's O&G Unit if Rival Deal Fails
Hungary's MOL Group said it would be interested in re-entering talks to buy RWE's oil and gas unit DEA if a 5.1 billion euro ($6.5 billion) sale to Russian billionaire Mikhail Fridman falls through. Investors and analysts have expressed concern about the deal since it was first announced in March, pointing to growing tensions between Europe and Russia over the Ukraine crisis. DEA, which operates in 14 countries…
Tanker Carrying Kurdish Oil Reappears Unladen off Israel
A tanker carrying crude oil from Iraqi Kurdistan reappeared unladen on Aug. 19 about 30 kilometres off the coast of Israel, ship tracking data on Reuters showed. This is the second time the Kamari has appeared in the area in the last two weeks carrying Kurdish oil. The tanker Kamari was partly laden north of Egypt's Sinai on Aug. 17, tracking showed, before it turned off its satellite transponder until early on Aug. 19.
