MOL Group signed a cooperation agreement with Kazakhstani national oil company KazMunayGas (KMG) to jointly explore oil, gas, and petrochemical opportunities.
The agreement’s key priority is the expansion of the existing exploration and production cooperation and the application of MOL technology in Kazakhstan to increase the yield of mature producing fields and the sale of produced hydrocarbons in Europe. In addition to this, the partners will seek opportunities of potential petrochemical project concepts in Kazakhstan. Also, the two companies are looking for possible import of Kazakh crude oil to Europe and Hungary.
KMG and MOL Group worked together in Rozhkovskoye gas and gas-condensate field. The field was discovered in 2008 and after exploration and appraisal, five out of nine drilled wells were successfully re-completed for production. First gas was reached in December 2023, and since then production of the wells boosted to 1.35 million cu m/d gross gas. The field is part of the international joint venture including KMG, Kazakhstan (50%), MOL Group, Hungary (27.5%), and FIOC, China (22.5%).