Displaying items by tag: MOL Group

MOL Group is standing in solidarity with the Ukrainian energy sector in times of war and provides equipment support to assist the steady and safe operation of the Ukrainian energy network. So far, MOL has offered a total of €290,000 in equipment, of which the Ukrainian side confirmed the need for €50,000 worth of assets, which the company will deliver to the border. MOL Group is continuously monitoring the arising needs under the equipment support programme and is actively working to extend the support.

• MOL Group participates in the equipment support programme for the Ukrainian energy sector
• The company has so far offered a total of €290,000 in equipment, with the Ukrainian side confirming the need for €50,000 of the donations
• The equipment to support the continuity of oil and gas production will be delivered to the Ukrainian border by MOL itself
• The company is continuously monitoring emerging needs and working on extending the asset support.

MOL Group has joined the International Association of Oil & Gas Producers (IOGP) initiative and participates in the equipment support programme for Ukraine. The aim of the industry cooperation is to help remedy the damage caused by the war and to help the Ukrainian energy network to continue functioning. The programme is coordinated by the European Commission Directorate-General for Energy (DG ENER) and the Energy Community, while the Ministry of Energy of Ukraine provides regular and accurate information on the equipment needed to keep the network running.

MOL Group has so far offered a total of €290,000 worth of equipment, of which the Ukrainian side has confirmed the need for €50,000 worth of assets until this point. The assemblies, tube rounds and parts contributing to the continuity of oil and gas production and the continued operation of the energy network will be delivered by MOL itself to the Ukrainian border. Negotiations between the Energy Community and the Ukrainian authorities continue, with MOL monitoring the emerging needs and working on providing further support under the support programme.

"We stand in solidarity with Ukraine, and we are committed to the industry coalition that supports the continued operation of the Ukrainian energy network. MOL Group has also joined the IOGP equipment aid programme and is in full cooperation with the European institutions coordinating the programme. With joint efforts, we do our best to make the asset support as effective as possible and we hope that our donations can make a meaningful contribution to the smooth functioning of oil and gas production in Ukraine and thus the entire energy system" said Ádám Homonnay, Vice President of Upstream at MOL Hungary.

About MOL Group

MOL Group is an international, integrated oil, gas, petrochemicals and consumer retail company, headquartered in Budapest, Hungary. It is active in over 30 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain-management in Hungary, Slovakia and Croatia, and owns a network of almost 2000 service stations across 10 countries in Central & South Eastern Europe. MOL’s exploration and production activities are supported by more than 85 years’ experience in the field of hydrocarbons and 30 years in the injection of CO2. At the moment, there are production activities in 9 countries and exploration assets in 14 countries.

MOL is committed to transform its traditional fossil-fuel-based operations into a low-carbon, sustainable business model and aspires to become net carbon neutral by 2050 while shaping the low-carbon circular economy in Central-and Eastern Europe.

Plug provides 10 MW Electrolysis Unit to Generate 1,600 Tons Per Year of Green Hydrogen 

MOL Group, an international, integrated oil, gas, petrochemicals, and consumer retail company, has teamed up with Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, to build one of Europe’s largest-capacity green hydrogen production facilities at MOL’s Danube Refinery in Százhalombatta, Hungary. Green hydrogen will reduce the carbon footprint of the Danube Refinery operation and enable emission-free mobility in the longer term.

Utilizing a 10-megawatt (MW) electrolysis unit from Plug Power, MOL’s €22 million facility will be able to produce approximately 1,600 tons of clean, carbon-neutral, green hydrogen annually, removing up to 25,000 tons of carbon dioxide by displacing the currently used natural gas-based production process. As this process represents one-sixth of the carbon dioxide emissions of MOL Group, this investment supports MOL’s carbon neutrality goals and will contribute to energy independence for the region. 

Once operational in 2023, MOL will use the green hydrogen in its Danube Refinery during fuel production of its own hydrogen system. It will be incorporated into the molecules of MOL fuels, lowering the carbon outputs from the production technology and the final product.

“We are convinced that hydrogen is not only one of the most important energy carriers of the already ongoing energy transition, but it will be an essential factor in the new, carbon-neutral energy system as well. This new technology allows the introduction of green hydrogen production in Hungary, Százhalombatta, which makes MOL Group one of the most important players in the sustainable energy economy in the region,” said Gabriel Szabó, Executive Vice President of Downstream at MOL Group.

“Green hydrogen addresses two critical issues facing humanity: climate change and energy independence,” said Andy Marsh, CEO of Plug. “And our opportunities seem limitless to support the trend to pull green hydrogen into more traditional industrial hydrogen markets throughout the world.  We are pleased to provide our state-of-the-art electrolyzer technology to MOL Group’s Danube Refinery and enable MOL Group to take a big step forward in addressing these issues for the region.”

The production of green hydrogen does not generate any greenhouse gas emissions. The Plug equipment uses electricity from a renewable source to split water into oxygen and hydrogen gas by a process called electrolysis. This process does not produce any by-products that harm the environment. By producing one ton of hydrogen, eight-to-nine tons of pure oxygen is also produced by the equipment, saving nearly 10,000 tons of natural gas consumption in the process. 

Plug’s electrolyzers, with nearly 50 years of operational experience in applications demanding high reliability, are modular, scalable hydrogen generators optimized for clean hydrogen production. 

The company behind the world's first and most comprehensiveGreen Hydrogen Ecosystem, Plug is making green hydrogen adoption simple for companies ready to improve both efficiency and sustainability of their operations. Plug’s independent green hydrogen production network is targeting 70 TPD by the end of 2022 and remains on track to have 500 TPD of green hydrogen generation network in North America by 2025 and 1,000 TPD on a global basis by 2028. 

Green hydrogen production is an integral part of MOL’s updated SHAPE TOMORROW strategy, which focuses on sustainability and is completely harmonized with The European Green Deal. Within the framework of its strategy, the company will make a total investment of €1 billion into the low carbon circular economy through 2025. MOL will reduce the carbon footprint of its operations by 30 percent by 2030 and will spend 50 percent of investment expenditures on sustainable projects. MOL aims to implement a carbon-neutral operation by 2050.

About MOL Group

MOL Group is an international, integrated oil, gas, petrochemicals, and consumer retail company, headquartered in Budapest, Hungary. It is active in over 30 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain management in Hungary, Slovakia, and Croatia, and owns a network of almost 2000 service stations across 10 countries in Central & South-Eastern Europe. MOL’s exploration and production activities are supported by more than 85 years of experience in the field of hydrocarbons and 30 years in the injection of CO2. At the moment, there are production activities in 9 countries and exploration assets in 14 countries.

MOL is committed to transforming its traditional fossil-fuel-based operations into a low-carbon, sustainable business model and aspires to become net carbon neutral by 2050 while shaping the low-carbon circular economy in Central and Eastern Europe. For more information, visit www.molgroup.info

About Plug

Plug is building an end-to-end green hydrogen ecosystem, from production, storage and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy. In creating the first commercially viable market for hydrogen fuel cell technology, the company has deployed more than 50,000 fuel cell systems and over 165 fueling stations, more than anyone else in the world, and is the largest buyer of liquid hydrogen. With plans to build and operate a green hydrogen highway across North America and Europe, Plug is building a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and multiple green hydrogen production plants that will yield 500 tons of liquid green hydrogen daily by 2025. Plug will deliver its green hydrogen solutions directly to its customers and through joint venture partners into multiple environments, including material handling, e-mobility, power generation, and industrial applications. For more information, visit www.plugpower.com. 

MOL Group’s wholly owned subsidiary MOL Norge AS and its joint venture partners have discovered oil and gas in an offshore field located about 200km west of Stavanger in the Norwegian part of the North Sea.

The exploration well in the 820S licence area was drilled to a maximum depth of 2,652 meters below sea level and oil and gas were found in a number of formations and were successfully tested for about 3,463 barrels of oil equivalent per day. The potential resources discovered in the main formation are between 12 and 71 million barrels of oil and gas equivalent.

The commerciality of the discovery will be determined later, following additional technical work.

MOL Norge AS with 40% working interest is the operator of the 820S license on behalf of partners Lundin Norway AS (40%), Wintershall Dea Norge AS (10%) and Pandion Energy AS (10%).

MOL Group entered Norway in 2015, through the acquisition of 100 percent ownership of Ithaca Petroleum Norge. The drilling program began in 2018, after the operator achieved readiness in record time without any setbacks in a highly regulated environment.

MOL Group’s exploration portfolio in Norway is aimed at supporting delivery of organic reserve replacement for the Group.

About MOL Group

MOL Group is an integrated, international oil and gas company, headquartered in Budapest, Hungary. It is active in over 40 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years in the industry. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production activities in 8 countries and exploration assets in 13 countries. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain management in Hungary, Slovakia and Croatia, and owns a network of about 1900 service stations across 10 countries in Central & South Eastern Europe.