Hungarian oil firm MOL Group has expanded its footprint in Norway with the acquisition of four licences.
MOL, headquartered in Budapest, said it had taken up the operatorship of one of the new Norwegian Continental Shelf licences.
Its partners in the Mandal High Area include Statoil and Petoro AS.
MOL has also successfully joined three licences operated by AkerBP.
The company has also bought six new licences in Hungary.
MOL has set its sights on North Sea expansion in recent times, having previously focused on central and Eastern Europe, alongside interests in Kurdistan, Syria and Pakistan.
It snapped up North Sea assets worth £220million in 2013, including non-operated stakes in the Broom field, interests in the Catcher, Cladhan, Scolty and Crathes developments and a share in Shetland’s Sullom Voe terminal from Germany’s Wintershall.
In 2014, a £76million deal with Premier Oil gave MOL a stakes in three North Sea fields all operated by Nexen. MOL was also successful in the 28th UK offshore licensing round, being awarded four blocks.