MOL Group Successfully Completed its First Acquisition in Norway

: Company Updates; Posted On Nov 29, -0001

MOL Group has successfully completed a deal to acquire Ithaca Petroleum Norge
The deal doubles the size of MOL Group’s exploration portfolio
Entry into Norwegian market takes company closer to becoming an offshore operator in North Sea

MOL Group announced the successful completion of a deal to acquire 100% ownership of Ithaca Petroleum Norge (IPN) from Ithaca Petroleum Ltd. The deal doubles the size of MOL Group’s exploration portfolio, adding 600 million barrels of net un-risked best estimate prospective reserves. Entry into the Norwegian market also takes the company a step closer towards becoming an offshore operator in the North Sea.

Entry into Norway is a measured step for MOL Group, reflecting the company’s active approach to portfolio development. The move balances and grows MOL Group’s global upstream portfolio and includes 14 licenses in the Norwegian Continental Shelf, three of which are currently operated by IPN.

The investor-friendly nature of Norway and its political and fiscal stability were key reasons MOL Group decided to acquire IPN. Closure of the deal now extends MOL Group’s presence in the North Sea and builds on last year’s entry into the UK.

Alexander Dodds, Group Executive Vice President for Upstream added: “Entering Norway as one of the most investor friendly countries is an important milestone in our E&P Strategy. Norway will become a key exploration hub for MOL Group in the future and will help us achieve our goal of becoming an offshore operator in the North Sea. We believe Norway has a best in class approach to exploration, and we know that the new MOL Norge has an excellent team in place.”

While MOL Group will provide additional operational resources and support where needed, MOL Norge continues as a Norwegian company, and all staff will become part of the new entity.

About MOL Group

MOL Group is an integrated, independent, international oil and gas company, headquartered in Budapest, Hungary. The Group is active in over 40 countries with a dynamic international workforce of nearly 30,000 people and a track record of more than 100 years in the industry. MOL’s exploration and production activities are supported by more than 75 years’ experience. At the moment, there are production activities in 8 countries and exploration assets in 13 countries. The Group operates four refineries and two petrochemicals plants, under integrated supply chain management, in Hungary, Slovakia and Croatia. MOL Group also owns a network of over 1,700 service stations across 12 countries in Central & South Eastern Europe.

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