MOL Group is an integrated, international oil and gas company, headquartered in Budapest, Hungary.

It is active in over 30 countries with a dynamic international workforce of over 25,000 people and a track record of more than 100 years in the industry.

MOL, with its Subsidiaries, is a leading integrated oil and gas company in Central & Eastern Europe, with the following core activities:

• Exploration and production of crude oil, natural gas and gas products;
• Refining, transportation, storage and distribution of crude oil products at both retail and wholesale;
• Transmission of natural gas;
• Production and sales of olefins and polyolefins;
• Production of electricity and thermal energy from gas and renewable resources.

MOL Group comprises one of the leading Hungarian chemical companies, TVK, the Slovakian oil company Slovnaft, the Austrian retail and wholesale company Roth, and a strategic partnership with the Croatian company, INA.
 
MOL Group has over 75 years of experience in exploration and production and its diverse portfolio includes oil and gas exploration assets in 13 countries, with production activity in 8 countries. Beyond its core region, Central & Eastern Europe, MOL has a well-established presence and thriving partnerships in the CIS region, the Middle East, Africa and Pakistan. In 2014, MOL Group also entered the United Kingdom, and later Norway, to increase its reserves and enhance its offshore experience.

Production and reserves

Average daily hydrocarbon production in the first half of 2019 was 113.600 barrels of oil equivalent per day (boepd) higher by 4% year-on-year.

2P oil and gas reserves stood at 323.6 MMboe at the end of 2018.

Outlook

E&P – value creation in a low oil price environment: MOL intends to spend over USD 2bn organic capex in 2017-2021 with scrutiny on all spending. Approximately 35% will be allocated for exploration with focus on CEE, Pakistan and Norway, whilst 45% for development projects in CEE, UK, Pakistan, Kazakhstan and the Baitugan field in Russia. MOL strongly believes in the benefit of the integrated business model, which assumes Upstream oil and gas production shall sustain at least around its current production levels. However, this requires both organic and potentially inorganic investments in reserves replacement to stem the forthcoming decline beyond 2019. That said any future potential inorganic steps have to make financial sense in a low oil price environment. MOL intends to keep its competitive cost position with single-digit direct production costs (currently at USD 6.3/boe) and continues to target self-funding, sustainable and value generative E&P operations even in a low oil price environment (at or below USD 50/bbl oil price).

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