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Exploration & Production Photo: Ferenc Bibó-Szurkos, Production coordinator, South Hungary Production MOL EXPLORATION & PRODUCTION UPDATE 2018 MOL GROUP EXPLORATION & PRODUCTION UPDATE – 2018 Photo: Branislav Herchl CONTENT I. MOL GROUP UPSTREAM 2018 II. KEY ACHVIEVEMENTS IN 2017 AND THE 2018 OUTLOOK III. SCHEDULE OF EXPLORATION AND APPRAISAL WELLS IV. LICENCE INFORMATION V. DETAILED WORK PROGRAMS IN 2017 / 2018 V/. HUNGARY V/. CROATIA V/. PAKISTAN V/. UNITED KINGDOM V/. RUSSIA V/. NORWAY V/. KURDISTAN V/. KAZAKHSTAN V/. OTHER COUNTRIES VI. GLOSSARY MOL GROUP EXPLORATION & PRODUCTION UPDATE – 2018 I. MOL GROUP UPSTREAM 2018 2017 PRODUCTION (mboepd)¹ TOTAL: 107 2P RESERVE CHANGES IN 2017 (MMboe)4 CEE MIDDLE EAST AND ASIA CIS NORTH SEA RESERVES (31.12.2016) AFRICA 459 PRODUCTION 2017 Y/E 2P RESERVES (MMboe)² TOTAL: 356 (38) CEE CIS NEW NORTH SEA BOOKINGS 2 MIDDLE EAST AND ASIA AFRICA REVISIONS (69) TOTAL 2017 CAPEX (USD mn)³ TOTAL: 346 CEE PURCH./SALE OF MINERALS NORTH SEA IN PLACE 1 MIDDLE EAST AND ASIA AFRICA RESERVES CIS PRODUCTION (31.12.2017) 356 EXPLORATION 1 Including JVs and Associates (Baitex: 6.2 mboepd, Pearl: 2.4 mboepd) 2 Including JVs and Associates (Baitex: 47.2 MMboe, UGL: 23.5 MMboe) 3 Excluding JVs and Associates (Baitex: 23.8 USD mn, UGL: 1.5 USD mn, Pearl: 0.2 USD mn) 4 Including JVs and Associates (Baitex: 47.2 MMboe, UGL: 23.5 MMboe) 2 MOL GROUP EXPLORATION & PRODUCTION UPDATE – 2018 3 II. KEY ACHIEVEMENTS IN 2017 AND THE 2018 OUTLOOK In MOL Upstream continued to pursue ecient Moving forward the Upstream business will remain 1 operations, by maintaining low unit direct a key pillar of the integrated business model of MOL 2017/2018 PRODUCTION (mboepd) production cost and disciplined CAPEX spending Group in line with the strate. throughout the year. Despite slightly lower TOTAL: TOTAL: TOTAL: TOTAL: production volumes compared to the previous year, • Self-funding and value generating operation 107 mboepd ~110 mboepd 107 mboepd ~110 mboepd Upstream doubled its simplified free cash-flow in is to be maintained in 2018 and onwards even in 2% 2% 9% 8% , exceeding USD mn. a 50 USD/bbl oil price environment. 6% 5% • In 2018 production level is targeted to stabilize 6% 12% • Production decreased by 5% in 2017 on portfolio at ~110 mboepd with steady contribution from CEE 6% 6% level driven by lower UK volumes aected by the wax onshore assets, and by capturing value from the 8% 8% 41% build-up in the Scolty and Crathes pipeline system international portfolio. The already producing 46% and lower volumes in the CEE mainly due to natural Catcher area will have a significant contribution depletion. to production from 2018. 33% 30% • Production Optimization Program (PO) continued • MOL Upstream will continuously pursue in the CEE region, and delivered 3.2 mboepd e§ciency to maintain unit direct production cost OTHER production increment on an annualized basis, which competitively low, in the single-digit territory KURDISTAN REGION OF IRAQ partly oset the lower volumes from mature fields. (USD/boe) on a portfolio level. UK 50% 46% • The Floating Production, Storage and Ooading • Exploration CAPEX will be spent on near-field 40% 39% RUSSIA (FPSO) installation on the Catcher field was exploration activites in the CEE and in Pakistan, PAKISTAN CONDENSATE delivered and first oil was achieved in December 2017. while in 2018 the first operated o¨shore well will CROATIA OIL The production is expected to ramp up in 2018. be drilled in Norway. HUNGARY GAS • In 2017 several tie-ins were completed in the • Development CAPEX will be used to unlock 2017 2018 2017 2018 MOL-operated TAL Block in Pakistan, and as undeveloped 2P reserves in CEE, and continue a result gross production exceeded 85 mboepd. the Production Optimization Program. International • Unit direct production cost stayed at a very field development activity will mainly focus on competitive level of 6.1 USD/boe on portfolio level. completion of the Catcher project in the UK and • In the frame of the well cost optimization project the continuation of the Baitex re-development 2 ~20% cost reduction was delivered in Hungary program in Russia. 2017/2018 CAPEX (USD mn) through the improvement in well design and activity • The free cash-flows generated by the Upstream rationalization. business shall be su§cient to cover 100% reserve TOTAL: TOTAL: TOTAL: TOTAL: • Strong CAPEX discipline remained in place in replacement even in an oil price environment of usd 346 mn ~usd 450 mn usd 346 mn ~usd 450 mn 2017; total organic CAPEX spending declined to 50 USD /bbl. 2% 4% USD ~350 mn from USD ~420 mn. • For e¯cient organic reserve replacement MOL 12% 15% 4% 4% • The exploration portfolio was extended through Upstream intends to achieve competitive finding 5% successful licensing rounds in Hungary and in and development unit costs (12-16 USD/boe). 15% 19% Norway. MOL Hungary acquired three new 27% 29% hydrocarbon exploration licences in the 5th bid round in the areas of O´´ rség, Somogybükkösd, SUSTAINABLE OPERATIONS 22% Somogyvámos. MOL Norge has been also oered three new licences with reputable partners in the 28% 2017 APA licencing round, including two operated MOL Group is committed to the key principles of 28% blocks. sustainable operations, aiming at zero HSE incidents OTHER 69% • 2P oil and gas reserves stood at 356 MMboe at the and accidents, protecting the environment by reducing PAKISTAN 56% end of 2017, aected by reclassification in Syria the number of spills and decreasing greenhouse gas NORWAY 36% (-36 MMboe) and negative revision in Kazakhstan emissions by flaring including participating in the 26% CROATIA OTHER (-37 MMboe). World Bank’s Zero Flaring Initiative. UK EXPLORATION HUNGARY DEVELOPMENT 2017 2018 2017 2018 1 Including JVs and Associates (Baitex: 6.2 mboepd, Pearl: 2.4 mboepd) 2 Excluding JVs and Associates (Baitex: 23.8 USD mn, UGL: 1.5 USD mn, Pearl: 0.2 USD mn) 4 MOL GROUP EXPLORATION & PRODUCTION UPDATE – 2018 5 III. Photo: Ferdo Buva SCHEDULE OF EXPLORATION AND APPRAISAL WELLS IN 2018 COUNTRY BLOCK G&G/WELL NAME 2018 PLAN Q1 Q2 Q3 Q4 Okány-East Sas-SouthWest-2 Bucsa Tiszi-1 Nagykőrös Alpár-3 Hungary Szeged-basin-West Forráskút South-2 Bázakerettye Budafa South-1 Okány-East Zsáka-South East-1 Bázakerettye Nagybakónak-Sávoly 3D Drava-02 Severovci-1 Legrad mining plot Legrad-1 South Croatia Drava-02 Mala Jasenovača-1 Zebanec mining plot Selnica-1 East TAL TAL 3D Seismic TAL Tolanj East-1 Pakistan TAL Mamikhel Deep-1 TAL Mamikhel South DG Khan DGK Seismic PL790 Raudåsen Norway PL860 Oppdal / Driva (JU) EX-1 EX-1 Romania EX-5 EX-5 n Well drilling n Well testing n Seismic 6 MOL GROUP EXPLORATION & PRODUCTION UPDATE – 2018 7 IV. LICENCE INFORMATION Licence information as of 31 January 2018 COUNTRY BLOCK/LICENCE 2P RESERVES 2017 PRODUCTION ACREAGE PHASE CONTRACT TYPE OPERATOR DILUTED SHARE* PARTNER(S) END OF 2017 (MMboe) (mboepd) (km²) (%) (%) 8495 E/D DoMa/C Hungary Several 91.7 42.8 Yes 100 – 3614 P DoMa 2894 E/D Onshore – several 135.9 27.5 DoME Yes 100 – 675 P Offshore – North Adriatic 1665 E/D/P 50 ENI (50) Croatia Offshore – Aiza Laura 22 E/D No 50 ENI (50) 9.4 7.7 PSA Offshore Adriatic – Izabela 345 E/D/P 30 EDISON (70) Offshore Adriatic – Marica 200 P Yes 63 ENI (37) E/A 10.526 OGDCL (31.58), PPL (31.58), POL (26.32) TAL 3030 Yes PPL (27.7632), OGDCL (27.7632), POL D/P 8.421 (21.0526), GHPL (15) Pakistan Margala 9.4 8.5 1387 E C Yes 70 POL (30) Ghauri 953 E No 30 MPCL (Op. 35), PPL (35) Karak 2359 E/A No 40 MPCL (Op. 60) DG Khan 1803 E No 30 POL (Op. 70) Cairn (21%), Serica (21%), Parkmead P218 – Scott 88 E/D/P No 46 (12.624%), Faroe (8.4%), Maersk (5.736%), Atlantic (3.24%) P2179 43 E/D Yes 51 AziNor (49%) P1430 – Catcher, Burgman, Varadero 76 D 20 Premier (50), Cairn (20), Dyas (10) UK P1617 – Crathes 22.2 6.2 4 D C 50 Enquest (50) P1107 – Scolty 4 D 50 Enquest (50) P242, P902 – Broom 33 P No 29 Enquest (63), Ithaca (8) P226, P1298, P1615 – Rochelle 48 P 15 Nexen (41), Endeavour (44) P185, P218 – Scott,Telford 25 P 1.59 Nexen (80.41), Edison (15.65), Maersk (2.36) P1064 – Cladhan 30 P 33.5 Taqa Bratani Limited (Op, 64.5), Sterling (2) Russia Baitugan 47.2 6.2 105 D C Yes 51 TPAO (49) Aker BP (Op. 50), Wellesley (20), PL748, PL748B 208 No 10 Capricorn (20) Norway Northern North Sea Aker BP (Op. 30), Wellesley (25), PL790 128 No 20 Capricorn (25) Total (Op, 40), Petoro (30), Lotos (10), PL102F&G 26 No 10 Aker BP (10) Norway Aker BP (Op, 50), ConocoPlillips (30), PL626 – – 202 E C No 10 Fortis (10) Norway South Viking Graben PL677 122 No 10 Aker BP (Op, 60), Fortis (30) PL812 115 No 20 Statoil (Op. 40), Origo (20), Fortis (20) PL814 54 No 30 Aker BP (Op. 40), OMV (30) PL820S 48 Yes 40 Wintershall (30), Fortis (30) PL872 53 No 20 Aker BP (Op. 40), Fortis (40) 8 MOL GROUP EXPLORATION & PRODUCTION UPDATE – 2018 9 IV. LICENCE INFORMATION Licence information as of 31 Jqanuary 2018 COUNTRY BLOCK/LICENCE 2P RESERVES 2017 PRODUCTION ACREAGE PHASE CONTRACT TYPE OPERATOR DILUTED SHARE* PARTNER(S) END OF 2017 (MMboe) (mboepd) (km²) (%) (%) PL019C 31 No 20 Aker BP (Op, 80) PL539 123 Yes 80 Fortis (10), Lundin (10) PL617 112 Yes 70 Fortis (30) PL724, PL724B 255 No 30 Aker BP (Op, 40), DEA (30) Norway Norway Central Graben South PL771 – – 261 E C Yes 40 Fortis (30), DEA (30) PL808 159 Yes 80 Edison (20) Statoil (20), Petoro (20), Fortis (10), PL860 407 Yes 40 Lundin (10) PL861 330 No 20 Aker BP (Op.
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