Exploration & Production

MOL to leave UK North Sea four years after entering

MOL has hired Bank of America Merrill Lynch to oversee the sale of its portfolio of assets in the UK North Sea only four years after buying them.
By Staff reporter 7 December 2017 0 28696

Hungarian oil and gas company MOL has hired Bank of America Merrill Lynch to oversee the sale of its portfolio of assets in the UK North Sea only four years after buying them, Reuters reported on Wednesday, quoting anonymous sources at the bank.

MOL, which entered the North Sea in late 2013, reportedly decided to leave the area after the drop in oil prices tightened its margins.

The portfolio includes 50% stakes in the Scolty and Crathes fields and a 20% stake in the Catcher field.

The...