Hungary’s MOL Exits UK Upstream in $305 Million Sale to Waldorf

Hungarian energy company MOL agreed on March 23 to sell its entire upstream portfolio in the U.K. to Waldorf Production Ltd. for $305 million in cash.

The divested offshore assets include MOL’s 20% stake in the Catcher Field, a 50% stake in Scolty & Crathes and a 21.8% stake in Scott as well as stakes in a number of other licenses. MOL’s corresponding proved and probable reserves amounted to 14.9 million boe at year-end 2021.

“MOL’s U.K. working interest production peaked above 18,000 boe/d in 2019 and has been falling in the last two years, accordingly Q4 2021 production was marginally above 12,000 boe/d,” a MOL company release on March 23 said.