Panfora Oil & Gas, part of MOL group, this year has a budget of USD 38mln for exploration

Panfora Oil & Gas, company of Hungary’s MOL group, specializing in hydrocarbon exploration and production activities in Romania, has an investment budget of USD 38mln for this year, following to begin the first exploration operations in the Ex-6 Curtici block. “The petroleum concession agreement signed with the National Agency for Mineral Resources (NAMR) was ratified by the Government of Romania in December last year, and Panfora Oil & Gas is holder of this agreement. The investment budget for 2013 was planned at USD 38mln, depending on the ratification of the other two blocks that the MOL group has under concession in western Romania”, Gábor Zelei, managing director of Panfora Oil & Gas, stated.