MOL sells Zapadno-Malobalykskoye field in Russia

8/12/2013

MOL sells Zapadno-Malobalykskoye field in Russia

BY VERONIKA GULYAS

BUDAPEST -- MOL sold its 50% stake in the holder of the Zapadno-Malobalykskoye hydrocarbon license in Russia in line with its portfolio optimization scheme, MOL announced in a stock exchange filing late.

MOL is also in negotiations about selling its 100% stake in the company that owns the exploration license of Surgut-7 block in Western Siberia, also in Russia.

The Surgut-7 exploration block is strongly linked to Zapadno-Malobalykskoye infrastructure and therefore it could be part of a favorable package deal, MOL said.

Crude oil production has been falling in the Zapadno-Malobalykskoye field for years as it's a mature field. It reached its peak production level in 2005, the statement said.

MOL remains very committed to continue its operations in Russia with more focus on Baitugan and Matyushinsky blocks and has the financial flexibility to reinvest in promising new upstream assets to provide future growth in the region and beyond, the statement said.

Dow Jones Newswires

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