DOCUMENTS FOR THE ANNUAL GENERAL MEETING
DOCUMENTS FOR THE ANNUAL GENERAL MEETING
DOCUMENTS FOR THE ANNUAL GENERAL MEETING
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MOL Plc. Annual General Meeting 2013 Documents<br />
The average realized price increased, mainly in line with higher gas<br />
prices in international operations.<br />
Hydrocarbon Production (mboepd) FY 2011 FY 2012 Ch. %<br />
Crude oil production 46.4 42.8 (8)<br />
Hungary 12.4 12.2 (1)<br />
Croatia 9.1 8.8 (3)<br />
Russia 18.7 17.5 (6)<br />
Syria 2.8 0.1 (96)<br />
Other International 3.4 4.2 23<br />
Natural gas production 85.6 66.7 (22)<br />
Hungary 31.6 29.0 (8)<br />
Croatia 35.7 30.7 (14)<br />
ow. Croatia offshore 21.8 15.8 (28)<br />
Syria 13.5 2.3 (83)<br />
Other International 4.8 4.7 (3)<br />
Condensate 15.4 9.0 (42)<br />
Hungary 4.8 5.1 5<br />
Croatia 6.0 2.5 (57)<br />
Syria 4.0 0.7 (82)<br />
Other International 0.7 0.7 0<br />
Average daily hydrocarbon production 147.4 118.5 (20)<br />
Main reasons behind production changes:<br />
Hungarian hydrocarbon production decreased as a<br />
consequence of natural depletion. In 2012, the company fully<br />
completed an oil production optimisation project in Algyő to<br />
further increase oil recovery. Intensive field development was<br />
carried out in the southern part of Békés county, putting new gas<br />
wells into production which partly compensated for decreasing<br />
production.<br />
In 2012, total Croatian production decreased by 8.8 mboepd or<br />
17% versus prior year. The major part came from offshore gas (-<br />
6.0 mboepd or 28 %) as a result of natural decline, water cut and<br />
decreased INA share due to the start of recording<br />
decommissioning costs, maintenance work on the Aiza Laura<br />
Contract Area (INAgip) and the postponed start-up of the Izabela<br />
field (EdINA) which therefore could not compensate for the<br />
natural decline. Onshore condensate production also decreased<br />
due to natural decline and changed presentation methodology<br />
i.e. exclusion of C2+ from condensate starting from 2012 related<br />
to a modified production process due to discontinued ethane<br />
production and showing NGL within onshore gas production. A<br />
slight decrease was also experienced in onshore oil, due to<br />
natural decline.<br />
Russia:<br />
i.) In the Zapadno-Malobalik (ZMB) field, MOL Group’s share of<br />
production amounted to 7.9 mboepd in 2012. The Central<br />
Processing Station was upgraded, while water injection pipelines<br />
were built or re-constructed. In accordance with government<br />
regulations, associated gas utilisation exceeded 95% at the end<br />
of the year.<br />
ii.) In the Matjushkinsky Block production increased to 4.2<br />
mboepd, a 26% rise compared to 2011. This was mainly a<br />
11/94