MOL acquires Petroleum Norge
14:08
MOL, Hungarian oil and gas company purchased 100 percent of Ithaca Petroleum Norge (IPN) from Ithaca Petroleum Ltd., the transaction is valued at $60 million, the ISBnews agency reported. The group has acquired Norwegian assets for the first time ever.
Ithaca Petroleum Ltd. is a subsidiary of Ithaca Energy Inc. The parties agreed on paying out a bonus worth $30 million in the case oil deposits are found. The transaction needs to be approved by the Norwegian Ministry of Petroleum and Energy, the agency also informed.
IPN owns 14 licenses on the Norwegian continental shelf, and is the operator of three of them.
MOL has been listed on the Warsaw Stock Exchange since 2004.
