NIS and RAG start Exploratory Drilling in Hungary

abarrelfullabarrelfull wrote on 08 Feb 2012 09:43
Tags: gazprom-neft hungary upstream

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NIS a.d and RAG Hungary Kft (Hungarian subsidiary of Austrian Rohöl-Aufsuchungs Aktiengesellschaft) started to drill a test well (“RAG Pirto-1”) in south Hungarian “Kiskunhalas” Block, honoring the Agreement for joint exploration signed last year. The anticipated drilling depth is nearly 3 000 meters.

Another two test wells are to be drilled this year, for which the two partners jointly allocated a €10 million budget for 2012. If the prospecting is successful in detecting commercial deposits of hydrocarbons, their extraction may start as early as 2013.

In Vienna on 19 December, NIS and RAG signed the Agreement for joint exploration for the exploration and appraisal of Kiskunhalas block in the south of Hungary. In the event of discovering commercial conventional resources, NIS gets 50 per cent share in the future production of this block, while RAG is to become the project operator.

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