Mol’s upstream positions for the long term

The oil and gas division wants a role beyond just providing cash for the group to pivot to lower-carbon alternatives

Hungary’s Mol has laid out a three-pronged approach to its 2030+ strategy of moving “profitably towards net zero”. But the three pillars—sustainable fuels, consumer convenience and mobility and the circular economy—leave, at first glance, little scope for its previously core oil and gas production activities. So will upstream revenues simply be used to fund the pivot to lower-carbon businesses? Or is there still a key role for hydrocarbons—albeit, in the future, decarbonised through carbon capture and storage—in Mol’s longer-term activities? Petroleum Economist spoke to Berislav Gaso, the firm’s executive vice president, upstream, to find out more.   Is Mol’s upstream division just a short-t