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BMI View: With small and declining hydrocarbon reserves, no exploration or
field development activities taking place and a ban on hydraulic fracking,
Hungary holds a very weak position in the upstream sector. While the country
boasts an efficient downstream sector, rapidly rising domestic fuels consumption
will turn Hungary into a net importer of refined products in 2018.
Latest Updates And Structural Trends
-According to reports in Natural Gas Europe, UK-listed JKX Oil and Gas will
increase its focus on gas prospects in Hungary and Slovakia in 2016, after the
company faced disappointing results in Ukraine during 2015. JKX Oil and Gas has
100% interest in six production licences in Hungary.
-As of April 2016, Hungary and Croatia were negotiating bidirectional flows of
natural gas between the two countries (ICES). Hungary expects to import natural
gas from Croatia after the completion of Krk LNG project on Croatia's Adriatic
-Hungary has very small proven oil and gas reserves and, currently, there are no
exploration activities taking place in the country. We do not expect our bearish
forecasts to change in the foreseeable future as the government has imposed a
ban on hydraulic fracking.