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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 shore.
? 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.