EUROPE HAS TO RELY ON RUSSIA
Europe can't avoid imports of Russian oil and natural gas in the short term, Zsolt Hernádi, chief executive and chairman of the board of MOL Nyrt., said Thursday.
Possible gas imports from alternative sources such as Azerbaijan or liquefied natural gas from the U.S. would not be ample enough to support growth and would only make up for a shortfall in imports from North Africa.
Mr. Hernádi, speaking at a press conference after the company's annual general meeting, added that regional transport links must be developed to ensure supply security.
"Too sad there has to be a crisis in order for such development to gain enough focus," he said, referring to the political tensions between Russia and Ukraine.
Separately, MOL said it's set to spend $1 billion in acquisitions with an upstream focus this year.
MOL is aiming to boost its oil and gas production in Iraq's Kurdistan region, in the North Sea in Europe, as well as in Croatia and Hungary, József Molnár group chief executive said at the company's annual general meeting.
MOL expects daily hydrocarbon output at 105,000 to 110,000 barrels in 2015 compared with between 91,000 and 96,000 this year, Mr. Molnár said, but organic growth and the planned acquisitions could boost this to 130,000 barrels a day in five years.
Mr. Hernádi is at the company's helm on the strategy front and looks after corporate and legal affairs, while Mr. Molnár is responsible for exploration, production, sales, supply, finance and internal audit.
|July, 23, 13:55:00|
|July, 23, 13:50:00|
|July, 23, 13:45:00|
|July, 23, 13:40:00|
|July, 23, 13:35:00|
|July, 23, 13:30:00|
IEA - For the third consecutive year, global energy investment declined, to USD 1.8 trillion (United States dollars) in 2017 – a fall of 2% in real terms. The power generation sector accounted for most of this decline, due to fewer additions of coal, hydro and nuclear power capacity, which more than offset increased investment in solar photovoltaics.
EIA - Crude oil production from the major US onshore regions is forecast to increase 143,000 b/d month-over-month in July from 7,327 to 7,470 thousand barrels/day , gas production to increase 1,066 million cubic feet/day from 69,466 to 70,532 million cubic feet/day .
U.S. FRB - Industrial production rose 0.6 percent in June after declining 0.5 percent in May. For the second quarter as a whole, industrial production advanced at an annual rate of 6.0 percent, its third consecutive quarterly increase. Manufacturing output moved up 0.8 percent in June.
U.S. DT - The sum total in May of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $69.9 billion. Of this, net foreign private inflows were $58.8 billion, and net foreign official inflows were $11.1 billion.