Recent Developments

Positive results


In the so-called Paleogene Basin, O&GD has been carrying out exploration activity on three concession areas since 2016. In 2023 MOL Plc, Central Europe’s leading energy company, acquired 49% stake in the three concession companies. The partnership – operated by O&GD –  is based on professional cooperation and knowledge sharing: the parties developed joint exploration program, have jointly identified targets ready for drilling and have shared costs and risks.

The first well of the exploration programl, Tura-D-3, was drilled in August 2023 and encountered oil at a depth of 2,100 meters. The oil extracted at Tura is processed by the MOL’s Dunai Refinery in Százhalombatta.


O&GD completed a successful exploration program in its Berettyóújfalú concession company by drilling four wells, resulting in commercial amount of recoverable reserve. MVM CEEnergy, leading CEE energy trading company, acquired 50% share in the concession company in 2023. Through this partnership O&GD stretched beyond its traditional exploration and production activity, established long-term strategic partnership with one of the largest regional energy trading company and thus securing the marketing of the produced natural gas. The joint venture is operated by O&GD, and has an ambitions ten-well drilling program.