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MOL announces oil discovery in Hungary

Hungarian oil and gas company MOL on Friday announced the successful drilling of a well at an oil field in Vecses, on the outskirts of Budapest, that it discovered in 2022.

Test production of the Vecses-1 well started with a production rate of 1,300 barrels per day, equivalent to around 1.5pc of group-level hydrocarbon production.

MOL said it expected production at Vecses-1 to increase in the near future. After drilling two successful wells, a third will be drilled soon, it added.

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