Hungary's MOL agrees part purchase of Cameroon oil field

Business News

Nov 6, 2007, 9:38 GMT

Budapest - Hungarian energy giant MOL on Tuesday announced that it has signed an agreement to acquire Tullow Oil's 40 per cent stake in an offshore Cameroon oil block. 'The Ngosso Permit is a shallow-water block in the prolific Rio del Rey Basin, in the proximity of existing oilfields in Nigeria and Cameroon,' MOL said in a statement. MOL said that along with the block partner, Addax Petroleum, it planned to drill two wells in the last quarter of 2007 and the first quarter of 2008 to check on the 'full potential of discoveries made by previous operators.' The transaction is subject to Addax Petroleum's pre-emption right and the approval of Cameroon's government. © 2007 dpa - Deutsche Presse-Agentur

Talkback

There are currently no comments for this article. Be the first to comment! (no registration required)

Latest Headlines in Business

Business: Index

: News; Features; Currency Conversion

The Fine Print

© 2003 - 2009 by Monsters and Critics.com, WotR Ltd. All Rights Reserved. All photos are copyright their respective owners and are used under license or with permission. * Note M&C cannot be held responsible for the content on other Web Sites.

Servers supplied by Servint

Business

Hungary's MOL agrees part purchase of Cameroon oil field

Business News

Talkback

Latest Headlines in Business

Latest Articles on The Tech Herald

In Monsters and Critics

Corporate

The Fine Print