MOL Plans $162 Mln in Organic CAPEX in Croatia in 2015

Hungarian oil and gas group MOL said it plans organic capital expenditures of $162 million (145.6 million euro) in Croatia in 2015.

In Croatia, MOL owns 49.08% of integrated oil and gas group INA [ZSE:INA-R-A] with the Croatian government controlling a further 44.84%. In September 2013, the two sides launched talks to renegotiate the terms for the company's management.

In 2014, MOL invested $146.9 million in exploration and development activities in Croatia.

INA’s firm goal is to stop natural decline and putproduction in Croatia on a growing trend from 2015, the Hungarian company said on its website.

2015 will bring finalisation of the first phase of major Enhanced Oil Recovery projects in Croatia and continuation of the successful production optimisation programme.

Onshore, INA plans to conduct this year numerous well workovers and hydraulic fracturing works on mature onshore fields as well as to drill four new exploration wells and test another two.

In offshore operations, following the start of production on Izabela and Ika SW wells in 2014, INA plans further development activity to stabilise production.

INA has exploration and production operations in Croatia, Africa and the Middle East and operates a filling station network on its home market and in neighbouring countries.

Source: SeeNews