By Veronika Gulyas
BUDAPEST--Hungarian energy group MOL Nyrt. (MOL.BU, MGYOY) plans
this year's capital expenditure at $983 million compared with $622
million last year, the company said in its drilling update
Tuesday.
MOL published its 2012 fourth quarter and annual earnings late
Monday.
The energy firm expects to see production drop slightly this
year to 110,000 barrels per day from 115,000 barrels per day last
year.
MOL continues to focus its exploration activity in the Kurdistan
region of Iraq and Kazakhstan. The company said it also plans to
diversify its portfolio in Russia, increase oil production in
Pakistan and maximize recovery rates in Hungary, Romania and
Croatia.
MOL reported a fall in its so-called proven plus probable, or 2P
reserves, in 2012 to 647 million barrel equivalent from 682 million
a year earlier.
KBC Securities analyst Peter Csaszar said this was a negative
surprise, adding that the production guidance at 110,000 barrels
per day for 2013 is in line with his estimate.
MOL's management will hold a press briefing on the 2012 results
and the 2013 guidance at 1100 GMT.
Write to Veronika Gulyas at veronika.gulyas@dowjones.com
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