MOL Group has successfully completed a deal to acquire 100% ownership of Ithaca Petroleum Norge (IPN) from Ithaca Petroleum Ltd. This deal will see the size of MOL Group’s exploration portfolio double – adding approximately 600 million bbls of net un-risked prospective reserves.
Closer to becoming an offshore operator
Active in over 40 countries and headquartered in Hungary, MOL Group is an integrated, independent, international oil and gas company. Now that it has entered into the Norwegian market, the company is moving closer to becoming an offshore operator in North Sea.
Entry into Norway is a measured step for MOL Group since it balances and grows MOL Group’s global upstream portfolio.
The investor-friendly nature of Norway and its political and fiscal stability were key reasons for MOL Group’s decided to acquire IPN.
Whilst MOL Group will provide resources and support where needed, MOL Norge continues as a Norwegian company, with all current members of staff becoming part of the new entity.
A key exploration hub for MOL Group in the future
Alexander Dodds, Group Executive Vice President for Upstream at MOL Group 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.”
Adapted from press release by David Bizley