MOL Grabs Interest in Mari's Karak Block
MOL Hungarian Oil and Gas Plc. has signed a Farm-out Agreement with Mari Gas Company Limited on July 2, 2008 to acquire 40% interest from its 100% owned and operated Karak onshore exploration block in North-West Pakistan. In parallel, MOL has assigned 25% participating interest to MGCL in its 100% owned and operated Block 43B in Oman.
“One of the basic elements of MOL’s upstream strategy is the portfolio extension through solid partnerships with strong local and international companies. In line with this we agreed with Mari Gas Company Limited to arrange a swap on the basis of mutual interests. This partnership allows us to diversify our exploration portfolio and further extend of MOL’s presence in one of our main target countries, Pakistan. We believe that this is only the first step of long term cooperation with Mari Gas in the Pakistani and international oil and gas industry,” said Zoltan Aldott, Executive VP of the Exploration and Production Division.
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Company: Mari Gas Company Ltd more info
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