MOL sees crude output declining in 2014

BUDAPEST Tue Feb 25, 2014 2:55am EST

BUDAPEST Feb 25 (Reuters) - Hungarian oil and gas group MOL forecast on Tuesday that its crude output would decline to 91,000-96,000 barrels per day this year from 96,900 in the fourth quarter of last year, before growing again in 2015.

MOL said in an investor presentation on its website that production would rise to 105,000-110,000 barrels per day in 2015 and peak at around 125,000-135,000 per day by 2018, based on its current upstream portfolio.

Its executive vice president for exploration and production told Reuters in January that MOL aimed to boost production to 170,000-180,000 barrels per day by 2018.

MOL has four refineries in central Europe and upstream businesses in Hungary, Croatia, Russia, Iraqi Kurdistan, Pakistan, Angola and elsewhere. It recently bought stakes in North Sea offshore fields from Wintershall Norge AS, a unit of Germany's BASF, for $375 million.

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