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Prague - As the oil prices hit a record high at world markets, the search for new deposits of energy resources itensifies even in places one does not usually connect with the mining industry.
Czech magnate Karel Komárek, owner of Moravské naftové doly oil and gas company believes Moravia is a drilling hotspot for oil and natural gas.
To back the claim, the oil prospector Moravské naftové doly (MND) has come up with a new plan to invest over half a billion CZK in exploring for oil and gas in southern Moravia.
"The MND is planning to invest roughly 570 to 580 million CZK in the exploration works. We want to search for oil wells in regions of Lanžhot, Poddvorov, Prušánky, Uhřice and Vizovice Hills," said the company´s spokesperson Dan Plovajko.
Record sum invested?
Still short of record breaking in the local mining industry, the final sum could exceed the given numbers, the company representatives admit.
Komárek´s investments last year exceeded the originally planned 600 million CZK by 200 million CZK.
"Last year the MND invested over 800 million CZK in exploration works. It has been the biggest investment yet in the entire history of the MND group," added Plovajko.
Last year the MND group conducted 7 drills. Most of them allowed to expand the existing wells, or to open new gas wells.
According to the MND representatives, the success of their research drills has been over 75 per cent, which exceeds the world's average of 15 to 20 per cent.
The MND group presently operates 21 gas drills in the Czech Republic producing 6,000 barrels of oil and gas per day.
Expanding abroad
The MND company has been expanding its activities not only locally in the Czech Republic but also globally. A few months ago MND bought a 76% stake in two Russian oil companies - Nikolayevkaneft and VostokInvestNeft, which focus on oil exploration in Ulyanov Region in Russia.
The financial and investment group KKCG, to which MND belongs, has been granted oil and gas exploration permits in Pakistan, Yemen, Germany and Romania.
