Irving-based ExxonMobil and MOL to start Mako Trough exploration program

by PegNews wire

IRVING — ExxonMobil Exploration and Production Hungary Limited, a subsidiary of Exxon Mobil Corporation, and MOL Hungarian Oil and Gas Plc. today announced an agreement to start a joint exploration program in blocks 106 and 107 in the Mako Trough in southeast Hungary.

ExxonMobil will fund the work program and receive a 50 percent interest in the acreage upon completion. MOL will retain the remaining 50 percent. The exploration program covers 387,000 acres with wells drilled to depths of approximately 14,000 feet (4,300 meters). The comprehensive work program includes drilling and completion of wells using ExxonMobil proprietary technology and expertise.

“We will deploy ExxonMobil processes that enable us to drill faster and accurately perform very complex well completions,” said Elwyn Griffiths, vice president, business development, ExxonMobil Exploration Company. “Our technology has proven successful in increasing the effectiveness and reducing the costs of other unconventional exploration and development programs.”

ExxonMobil plans to spud the first wells in 2008 and conduct well testing and reservoir evaluation studies over two to three years. The goal of the program is to evaluate the potential for commercial production of unconventional gas and liquid hydrocarbons.

The exploration program is the next phase under an agreement signed in 2007 between MOL and ExxonMobil to undertake a joint technical study of basins in Hungary with unconventional hydrocarbon potential. The newly announced exploration program in the Mako Trough will gather further information on the source, extent and recoverability of this untapped hydrocarbon opportunity.

Source: ExxonMobil