MOL Hungarian Oil and Gas Company hereby announces that MOL Exploration and Production Division operates under a new organisational structure from 1 March 2005. The aim of the new organisational and operational concept is to provide a solid base for the future success in the area of international growth.
The new organisational and operational concept includes setting up an internationally competitive business team, also accompanied by a major skill enhancement necessary to complete international exploration projects and a culture change program in the segment. Our actions should result in the creation of a dynamic, flexible and project-oriented organisation following the best practices of the industry; the utilisation of our existing talent and knowledge base in the best possible way as well as to procure new talent into the group.
The current change includes the creation of four major sectors under the direct control of Exploration and Production Managing Director.
Upstream Portfolio Development in addition to ensuring the effective portfolio management and the initiation and implementation of new acquisitions and divestitures, following the closing of the transaction of the gas business partnership, this organisation will supervise MOL’s midstream natural gas portfolio.
International Exploration and Production is responsible for the operation and management of the acquired/discovered assets, initialisation of new upstream projects and providing professional evaluation for all transactions.
Central European E&P sector’s responsibilities cover the generation of new exploration, development and production projects and implementation of them in the Pannonian Basin, as well as the regional expansion of upstream activity in the neighbouring countries, including the strong cooperation with INA.
Technology and Operations Centre’s task is to serve the regional and international asset management organisations and provide technical/professional supervision over all engineering and technology related solutions.
