Business daily Világgazdaság reports MOL's E&P directors as saying that (25 390 HUF, -0,63%) plans to double its spending on crude oil exploration in Oman. The company aims few ten million dollar project which would include 3-4 seizmic measures, two trial drillings and finally the set up of production wells.
already has exploration licence in the country but it did not succeed with its exploration projects yet. The news indicates, however, that the company sees the area as very promising if it allocates relatively high sum for further explorations. We consider the news as slightly positive.