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Domestic oil production in Hungary could increase by 5% after the oil company ‘MOL announced the discovery of an oil field in a town near the country’s capital, Budapest. The finding is made public days after the aforementioned energy company announced a reduction in fuel deliveries due to the decrease in Russian imports.
According to unofficial figures, such as those issued by the ‘Trading Economics’ platform, oil production in Hungary was between 16,000 and 18,000 barrels per day in January 2022.
At the same time, the datosmacro.com platform indicates that in 2021 production was in the order of 16,000 and 17,000 barrels per day.
In this sense, the energy company ‘MOL’ reported that the deposit found in the town of Vecses, located about 24.1 kilometers south of Budapest, could increase oil production in the country by 5%.
Although the percentage increase is not significant, and will require imports of hydrocarbons to cover the country’s needs, the announcement is presented as a joy for the members of the oil company, especially when the nation registers difficulties in its supply due to the war between Russia and Ukraine and the sanctions against the Moscow Government by the European Union.
“It is here in Hungary, we produce it here. The extraction does not depend on anyone, only our workers. There is no greater security than this when it comes to security of supply. The oil that we produce in Hungary, the natural gas that we produce in Hungary is really a golden land, golden land for us, golden for consumers, golden for the country and last but not least, the land is golden for the budget. ”, Zsolt Hernadi, CEO of MOL Group, told the Reuters news agency.
Hungary is a country dependent on hydrocarbon imports and its main supplier is Russia, which until June 2022, according to official figures, sent 85% of the gas and 65% of the oil it consumes to the country.
This, among others, is one of the reasons why Hungary has sometimes opposed the initiative of sanctions by the European Union towards Russia.
The news about the Vecses deposit comes days after the aforementioned energy company announced that it will reduce its fuel deliveries, in part, due to the reduction in Russian oil in recent months.
With Reuters and EFE
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