The decision is part of the state company’s long-term strategy for operations up to the end of the next decade.
"MOL wants to be a focused and efficient E&P operator with the right capabilities to operate small-to-mid-size assets in well-defined core geographies in a value accretive way,” the company said.
"It intends to keep its competitive cost position with single-digit direct production costs (currently below $7 per barrel of oil equivalent) and continues to target self-funding, sustainable and value generative E&P operations even in a low oil price environment (at or below a $50 oil price),” it said.
