Hungary is pursuing an energy policy focused on energy sovereignty and supply security based on the resources available in Hungary to the greatest extent possible. Along these lines, to increase domestic production, the Ministry of Energy (ME) announced new mining concessions last fall after a five-year hiatus, with concession contracts already concluded in various areas.
Last year, more than a fifth of annual consumption, nearly 1.9 billion cubic meters of natural gas, was brought to the surface from Hungarian fields. Crude oil production exceeded 1 million tons again in 2024 for the first time in 20 years. In the first quarter of 2025, production was the same as last year, with a slight increase in the case of natural gas, while crude oil increased from less than 250,000 tons to almost 300,000 tons.
The Minister of Energy decided at the end of March to grant new hydrocarbon concessions for a period of at least 20 years, according to Magyar Nemzet. In the Hatvan and Kiskőrös areas, Mol Plc. is the sole applicant, while Mol and Turkish Petroleum Overseas Company Ltd. are joint applicants in the Buzsák and Tamási areas. HHE Group Ltd. has applied in Csongrád, and CanCambria Hungary Kft. in Kiskunhalas.
According to the ministry, the predecessor ministry conducted seven similar procedures between 2013 and 2019. The previously concluded hydrocarbon and geothermal energy contracts covered more than 30 areas in total.
The budget received tens of billions of forints in revenue from concession fees and mining royalties, and the tender opportunity significantly stimulated industry investments while lowering dependence on energy imports.
Earlier this year, MOL announced a new oil field in Transdanubia, western Hungary, expected to produce 1,200 barrels per day, which will be refined at the Danube Refinery in Százhalombatta.
At the time, MOL’s press release stated: “MOL has ambitious investment plans in Exploration and Production. Over the next five years, the company plans to invest approximately HUF 150 billion in oil and natural gas production in Hungary.”
The post Hungary increases domestic energy production to boost sovereignty, security of supply appeared first on Remix News.
Remix News
