Hungarian oil and gas company MOL Nyrt. (MOL.BU) will invest $87 million in developing its Matyushkinskaya oil field in Siberia this year, state news agency MTI reported Friday.

MOL has already spent $154 million between 2007 and 2010 on the project, the company's Russian field development and production manager Laszlo Gerecs said.

MOL plans to make additional investments at the site in the next three years on exploration, drilling new petroleum production wells, and construction of an oil pipeline, Gerecs said.

MOL predicts production to rise substantially in coming years since 100% of exploratory drilling at the Matyushkinskaya block have so far been successful compared with the global average of 40%, Gerecs said.

If the two exploratory drillings planned for 2012 and the four in 2013 are successful, the production of the area could be boosted by 20 million to 35 million barrels.

MOL was unavailable for immediate comment.

-By Gergo Racz, Dow Jones Newswires; +361-267-0622; gergo.racz@dowjones.com

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