Table of Contents
1 Table of Contents 2
1.1 List of Tables 8
1.2 List of Figures 10
2 Introduction 11
2.1 What Is This Report About? 11
2.2 How To Use
This Report 12
2.3 Market Definition 12
3 Hungary Energy Sector 14
3.1 Hungary Energy Sector, Market Overview 14
3.2 Hungary Energy Sector,
Crude Oil 16
3.2.1 Hungary Crude Oil, Overview 16
3.2.2 Hungary Crude
Oil, Supply and Demand Balance 16
3.2.3 Hungary Crude Oil, Regulatory
Structure 22
3.2.4 Hungary Crude Oil, Infrastructure 22
3.3 Hungary
Energy Sector, Natural Gas 23
3.3.1 Hungary Natural Gas, Overview 23
3.3.2 Hungary Natural Gas, Supply and Demand Balance 23
3.3.3 Hungary
Natural Gas, Regulatory Structure 29
3.3.4 Hungary Natural Gas,
Infrastructure 30
3.4 Hungary Energy Sector, Coal 30
3.4.1 Hungary
Coal, Overview 30
3.4.2 Hungary Coal, Supply and Demand Balance 30
3.4.3 Hungary Coal, Infrastructure 34
3.5 Hungary Energy Sector,
Electricity 34
3.5.1 Hungary Electricity, Overview 34
3.5.2 Hungary
Electricity, Supply and Demand Balance 36
3.5.3 Hungary Electricity,
Regulatory Structure 42
3.5.4 Hungary Electricity, Infrastructure 43
4
Hungary Fiscal Regime 45
4.1 Hungary Petroleum Fiscal Environment 45
4.2 License Terms 45
4.3 Key Fiscal Terms 46
4.4 Sample Cashflows
Calculations 48
5 Hungary Upstream Investment Environment Benchmarking
49
5.1 Introduction 49
5.2 The Overall Ranking 49
5.3 Upstream
Fiscal Attractiveness 49
5.3.1 Maximum Government Take Index 51
5.3.2
Maximum State Participation 51
5.4 Oil and Gas Sector Performance 51
5.4.1 Exploration Activity 53
5.4.2 Oil and Gas Production 54
5.4.3
Oil and Gas Reserves 55
5.4.4 Consumption 55
5.4.5 Refining Industry
55
5.5 Economic Performance 55
5.5.1 GDP Growth Index 57
5.5.2 FDI
Confidence Index 57
5.5.3 Balance of Trade Index 57
5.6
Socio-Political Performance 58
5.6.1 Democracy Index 59
5.6.2
Governance Index 59
6 Hungary Exploration and Production Sector 60
6.1
Hungary, Country Snapshot 60
6.1.1 Hungary, Key Data 60
6.1.2 Hungary,
Exploration and Production Assets Map 61
6.1.3 Hungary, Crude Oil &
Natural Gas Reserves 62
6.2 Hungary, Crude Oil And Natural Gas Production
64
6.2.1 Hungary, Historical Crude Oil Production 64
6.2.2 Hungary,
Historical Natural Gas Production 65
6.2.3 Hungary, Crude Oil and Natural
Gas Producing Asset Details 65
6.2.4 South Eastern Hungary, Crude Oil
Producing Assets by Area 66
6.2.5 South Eastern Hungary, Natural Gas
Producing Assets by Area 66
6.2.6 Hungary, Planned Production Assets
Details 67
6.2.7 Hungary, Crude Oil Production by Company 67
6.2.8
Hungary, Natural Gas Production by Company 67
6.3 Hungary, Crude Oil And
Natural Gas Forecasts 68
6.3.1 Hungary, Forecasted Crude Oil Production
68
6.3.2 Hungary, Forecasted Natural Gas Production 68
6.4 Hungary,
Exploration Block Details 69
6.4.1 Hungary, Total Number of Active
Exploration Blocks 69
6.4.2 Hungary, Total Number of Active Exploration
Blocks by Company 70
6.4.3 Hungary, Exploration Blocks Details 71
7
Hungary Refining Sector 74
7.1 Hungary Refining Sector, Overview 74
7.2 Hungary Refining Sector, Crude Distillation Unit Capacity 74
7.3
Hungary Refining Sector, Coking Unit Capacity 74
7.4 Hungary Refining
Sector, Fluid Catalytic Cracking Capacity 75
8 Hungary Pipeline Sector
76
8.1 Hungary Pipeline Sector, Overview 76
8.2 Hungary Pipeline
Sector, Crude Oil Pipelines 76
8.3 Hungary Pipeline Sector, Petroleum
Product Pipelines 77
8.4 Hungary Pipeline Sector, Natural Gas Pipelines
78
9 MOL Group 80
9.1 MOL Group, Key Information 80
9.2 MOL Group,
Company Overview 80
9.3 MOL Group, Business Overview 80
9.3.1 MOL
Group, Business Overview, Exploration and Production 81
9.3.2 MOL Group,
Business Overview, Natural Gas 82
9.3.3 MOL Group, Business Overview,
Petrochemicals 83
9.3.4 MOL Group, Business Overview, Refining and
Marketing 84
9.3.5 MOL Group, Business Overview, Major Products and
Services 85
9.4 MOL Group, Value Chain Analysis 87
9.4.1 MOL Group,
Value Chain Analysis, Upstream 87
9.4.2 MOL Group, Value Chain Analysis,
Midstream 88
9.4.3 MOL Group, Value Chain Analysis, Downstream 89
9.4.4 MOL Group, Value Chain Analysis, Retail 89
9.5 MOL Group, SWOT
Analysis 90
9.5.1 MOL Group, SWOT Analysis, Overview 90
9.5.2 MOL
Group, SWOT Analysis, Strengths 90
9.5.3 MOL Group, SWOT Analysis,
Weaknesses 91
9.5.4 MOL Group, SWOT Analysis, Opportunities 92
9.5.5
MOL Group, SWOT Analysis, Threats 93
9.6 MOL Group, Revenue Analysis
94
9.6.1 MOL Group, Revenue Analysis, Revenue by Segment 94
9.6.2 MOL
Group, Revenue Analysis, Revenue by Geography 95
9.7 MOL Group, Financial
and Operational Review 97
9.7.1 MOL Group, Financial and Operational
Review, Financial Statements 97
9.7.2 MOL Group, Financial and Operational
Review, Financial Ratios 98
9.8 MOL Group, Operational Indicators 99
10 Financial Deals Landscape 100
10.1 Acquisition 100
10.1.1 Ascent
Resources To Sell Interest In Two Gas Development Projects To Leni Gas and Oil
100
10.1.2 Falcon Oil & Gas Forms Partnership With Exxon Mobil 102
10.1.3 MOL And ExxonMobil To Start Joint Exploration In Hungary 103
11
Recent Developments 105
11.1 May 27, 2008: MOL Eyes Libyan expansion
105
11.2 May 22, 2008: Matra Drills Pamuk-1 Well In Hungary 105
11.3
May 15, 2008: MOL Announces New Oil Discovery In Russia 105
11.4 May 14,
2008: MOL Reports Q1 2008 Results 106
11.5 May 13, 2008: OMV' s Suit
Against MOL Being Rejected By Hungarian Court 107
11.6 May 12, 2008:
Toreador Drills Nky-Ny-1 Well In Hungary 107
11.7 Apr 30, 2008: Matra
Provides Hungary Operational Update 108
11.8 Apr 25, 2008: Toreador
Updates On Tik-1 Exploration Well 109
11.9 Apr 15, 2008: ExxonMobil And
MOL To Begin Exploration At Mako Trough 109
11.10 Apr 10, 2008: ExxonMobil
Signs Agreement With Falcon And TXM 110
11.11 Apr 07, 2008: Toreador
Updates On Tik-1 Exploration Well 111
11.12 Apr 07, 2008: Ascent Updates
On Drilling Activities In Hungary 112
11.13 Mar 31, 2008: Matra Provides
Operational Update 112
11.14 Mar 20, 2008: BOTAS Says, EU Is Too Late To
Support Nabucco Natural Gas Pipeline Project 114
11.15 Mar 19, 2008: MOL
Announces New Gas And Condensate Discovery In Pakistan 114
11.16 Mar 17,
2008: Matra Wins New Exploration License In Hungary 115
11.17 Mar 14,
2008: Gas Transmission Companies To Launch Feasibility Study On Gas Pipeline
Network 115
11.18 Feb 14, 2008: DualEx Provides Operations Update 116
11.19 Jun 12, 2007: DualEx Updates On Exploration Programs In Hungary And
Syria 117
12 Appendix 119
12.1 Methodology 119
12.1.1 Coverage
119
12.1.2 Secondary Research 120
12.1.3 Primary Research 120
12.1.4 Forecasts 121
12.1.5 Expert Panel Validation 124
12.2
Definitions 124
12.3 Unit Of Measure 125
12.4 About Global Markets
Direct 125
12.5 Contact Us 125
12.6 Disclaimer 126
1.1 List of
Tables
Table 1: Hungary, Historical and Forecasted Production and
Consumption of Crude Oil, 1996-2020 17
Table 2: Hungary, Historical and
Forecasted Imports and Exports of Crude Oil, 1996-2020 19
Table 3:
Hungary, Historical and Forecasted Reserves of Crude Oil, 1996-2020 21
Table 4: Hungary, Historical and Forecasted Production and Consumption of
Natural Gas, 1996-2020 24
Table 5: Hungary, Historical and Forecasted
Imports of Natural Gas, 1996-2020 26
Table 6: Hungary, Historical and
Forecasted Reserves of Natural Gas, 1996-2020 28
Table 7: Hungary,
Historical and Forecasted Production and Consumption of Coal, 1996-2020 31
Table 8: Hungary, Historical and Forecasted Imports of Coal, 1996-2020
33
Table 9: Hungary, Historical and Forecasted Electricity Generation
Capacity, 1996-2020 37
Table 10: Hungary, Historical and Forecasted
Generation and Consumption of Electricity, 1996-2020 39
Table 11:
Hungary, Historical and Forecasted Imports and Exports of Electricity,
1996-2020 41
Table 12: Hungary, Depreciation Rate On Fixed Assets, 2007
47
Table 13: Eastern Europe, Investment Benchmarking, Overall Country
Rankings, April 2008 49
Table 14: Eastern Europe, Investment Benchmarking,
Upstream Fiscal Attractiveness, April 2008 50
Table 15: Eastern Europe,
Investment Benchmarking, Oil and Gas Sector Performance, April 2008 51
Table 16: Eastern Europe, Investment Benchmarking, Economic Performance, April
2008 56
Table 17: Eastern Europe, Investment Benchmarking, Socio-Political
Performance, April 2008 58
Table 18: Hungary, Oil and Gas, Key Statistics,
April 2008 60
Table 19: Hungary, Total Crude Oil and Natural Gas Reserves
, 2000-2012 63
Table 20: Hungary, Total Crude Oil Production (MMBBLs),
2000-2007 64
Table 21: Hungary, Total Natural Gas Production (BCF),
2000-2007 65
Table 22: Hungary, Oil and Gas Asset Details, April 2008
66
Table 23: South Eastern Hungary, Total Crude Oil Production (Barrels),
by Assets, 2000-2007 66
Table 24: South Eastern Hungary, Total Natural Gas
Production (MMCF), by Assets, 2000-2007 66
Table 25: Hungary, Oil and Gas
Planned Production Asset Details, April 2008 67
Table 26: Hungary, Total
Crude Oil Production (MMBBLs), by Company, 2000-2007 67
Table 27: Hungary,
Total Natural Gas Production (BCF), by Company, 2000-2007 67
Table 28:
Hungary, Total Crude Oil Production (MMBBLs), Forecast, 2008-2013 68
Table
29: Hungary, Total Natural Gas Production (BCF), Forecast, 2008-2013 68
Table 30: Hungary, Total Number of Active Exploration Blocks, 2000-2007 69
Table 31: Hungary, Total Number of Active Exploration Blocks by Company,
2000-2007 70
Table 32: Hungary, Oil and Gas Exploration Blocks Details,
April 2008 71
Table 33: Hungary, Oil and Gas Exploration Blocks Details,
April 2008 (Cont' d) 72
Table 34: Hungary, Oil and Gas Exploration Blocks
Details, April 2008 (Cont' d) 73
Table 35: Hungary, Europe, Crude
Distillation Unit Capacity (MMTPA), 2000-2012 74
Table 36: Hungary,
Europe, Coking Unit Capacity (MMTPA), 2000-2012 74
Table 37: Hungary,
Europe, Fluid Catalytic Cracking Unit Capacity (MMTPA), 2000-2012 75
Table
38: Hungary, Crude Oil Pipelines , 2007 76
Table 39: Hungary, Petroleum
Product Pipelines , 2007 77
Table 40: Hungary, Natural Gas Pipelines ,
2007 78
Table 41: Hungary, Natural Gas Pipelines , 2007(Cont' d) 79
Table 42: MOL Group, Key Facts, 2006 80
Table 43: MOL Group,
SWOT Analysis , 2006 90
Table 44: MOL Group, Revenue by Segment, HUF
Million, 2002-2006 95
Table 45: MOL Group, Revenue by Geography, HUF
Million, 2002-2006 96
Table 46: MOL Group, Financial Statements, HUF
Million, 2002-2006 97
Table 47: MOL Group, Financial Ratios, HUF
Million, 2002-2006 98
Table 48: MOL Group Operational Indicators,
2002-2006 99
Table 49: Brent Blend NYMEX Future Prices 123
1.2 List
of Figures
Figure 1: Hungary, Energy Sector break-up, 2007 15
Figure
2: Hungary, Crude Oil Production And Consumption, Thousand Barrels Per Day,
1996-2020 18
Figure 3: Hungary, Crude Oil Imports And Exports, Thousand
Barrels Per Day, 1996-2020 20
Figure 4: Hungary, Crude Oil Reserves,
Million Barrels, 1996-2020 22
Figure 5: Hungary, Natural Gas Production
And Consumption, Billion Cubic Feet, 1996-2020 25
Figure 6: Hungary,
Natural Gas Imports, Billion Cubic Feet, 1996-2020 27
Figure 7: Hungary,
Natural Gas Reserves, Billion Cubic Feet, 1996-2020 29
Figure 8: Hungary,
Coal Production And Consumption, Million Tons, 1996-2020 32
Figure 9:
Hungary, Coal Imports, Million Tons, 1996-2020 34
Figure 10: Hungary,
Electricity Generation Capacity, Megawatt, 1996-2020 38
Figure 11:
Hungary, Electricity Generation And Consumption, Billion Kilowatt Hours,
1996-2020 40
Figure 12: Hungary, Electricity Imports And Exports, Billion
Kilowatt Hours, 1996-2020 42
Figure 13: Hungary, Upstream Oil & Gas Fiscal
Regime (Royalty/Tax), Sample Cashflows, 2005-2016 48
Figure 14: Eastern
Europe, Country Standings, Upstream Fiscal Attractiveness, April 2008 50
Figure 15: Eastern Europe, Country Standings, Oil and Gas Sector Performance,
April 2008 52
Figure 16: Eastern Europe, Country Standings, Oil and Gas
Sector Performance, April 2008 (Contd.) 53
Figure 17: Eastern Europe,
Country Standings, Number of Active Exploration Blocks Made Active, April 2008
54
Figure 18: Eastern Europe, Country Standings, Economic Performance,
April 2008 56
Figure 19: Eastern Europe, Country Standings,
Socio-Political Performance, April 2008 59
Figure 20: Hungary,
Exploration and Production Assets Map, April 2008 61
Figure 21: Hungary,
Total Crude Oil and Natural Gas Reserves (MMBOE), 2000-2012 62
Figure 22:
Hungary, Total Crude Oil Production (MMBBLs), 2000-2007 64
Figure 23:
Hungary, Total Natural Gas Production (BCF), 2000-2007 65
Figure 24:
Hungary, Total Number of Active Exploration Blocks, 2000-2007 69
Figure
25: MOL Group, Value Chain Analysis 87
Figure 26: Global Markets
Direct Methodology 119
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