Table of Contents
1 Table Of Contents 2
1.1 List of Tables 8
1.2 List of Figures 10
2 Hungary Energy Sector 11
2.1 Hungary Energy Sector, Market Overview
11
2.2 Hungary Energy Sector, Natural Gas 12
2.2.1 Hungary Natural
Gas, Overview 12
2.3 Hungary Natural Gas, Supply and Demand Balance 13
2.3.2 Hungary Natural Gas, Regulatory Structure 19
2.3.3 Hungary Natural
Gas, Infrastructure 20
3 Hungary Fiscal Regime 21
3.1 Hungary
Petroleum Fiscal Environment 21
3.2 License Terms 21
3.3 Key Fiscal
Terms 22
3.4 Sample Cashflows Calculations 24
4 Hungary Gas Upstream
Investment Environment Benchmarking 25
4.1 Introduction 25
4.2 The
Overall Ranking 25
4.3 Upstream Fiscal Attractiveness 26
4.3.1 Maximum
Government Take Index 27
4.3.2 Maximum State Participation 28
4.4 Gas
Sector Performance 28
4.4.1 Exploration Activity 30
4.4.2 Gas
Production 31
4.4.3 Gas Reserves 31
4.4.4 Gas Consumption 32
4.5
Economic Performance 32
4.5.1 GDP Growth Index 34
4.5.2 FDI Confidence
Index 34
4.5.3 Balance of Trade Index 34
4.6 Socio-Political
Performance 34
4.6.1 Democracy Index 36
4.6.2 Governance Index 36
5 Hungary, Exploration and Production Gas Sector 37
5.1 Hungary
Exploration and Production Sector, Country Snapshot 37
5.1.1 Hungary
Exploration and Production Sector, Key Data 37
5.1.2 Hungary Exploration
And Production Sector, Natural Gas Assets Map 37
5.2 Hungary Exploration
and Production Sector, Marketed Natural Gas Production 38
5.2.1 Hungary
Exploration and Production Sector, Marketed Natural Gas-Historical Production
38
5.2.2 Hungary Exploration and Production Sector, Marketed Natural Gas
Production by Assets 39
5.2.3 Hungary Exploration and Production Sector,
Marketed Equity Weighted Natural Gas Production by Company 39
5.2.4
Hungary Exploration and Production Sector, Market Share based on Marketed
Natural Gas Production 40
5.3 Hungary Exploration and Production Sector,
Marketed Natural Gas Forecasts 41
5.3.1 Hungary Exploration and Production
Sector, Marketed Natural Gas Forecasted Production 41
5.3.2 Hungary
Exploration and Production Sector, Gross Revenue Forecast 42
5.3.3 Hungary
Exploration and Production Sector, Government Take Forecast 42
5.3.4
Hungary Exploration and Production Sector, Contractor Take Forecast 42
5.3.5 Hungary Exploration And Production Sector, Planned Natural Gas Asset
Details 43
6 Hungary Pipeline Sector 44
6.1 Hungary Pipeline Sector,
Key Data 44
6.2 Hungary Pipeline Sector, An Overview 44
6.3 Hungary
Pipeline Sector, Comparison of Key Natural Gas Pipeline Companies 44
6.4
Hungary, Natural Gas Pipelines 45
7 Hungary Underground Gas Storage Sector
48
7.1 Hungary Underground Gas Storage Sector, Key Data 48
7.2 Hungary
Underground Gas Storage Sector, An Overview 48
7.3 Hungary Underground Gas
Storage Sector, Capacity-Wise Market Share by Company 48
7.4 Hungary
Underground Gas Storage Sector, Asset Wise Storage Capacity 49
8 Profile
of MOL Group 50
8.1 MOL Group, Key Information 50
8.2 MOL Group,
Company Overview 50
8.3 MOL Group, Business Description 50
8.3.1 MOL
Group, Business Description, Business Overview 50
8.3.2 MOL Group,
Business Description, Exploration and Production 51
8.3.3 MOL Group,
Business Description, Natural Gas 52
8.3.4 MOL Group, Business
Description, Petrochemicals 54
8.3.5 Refining and Marketing 55
8.3.6
MOL Group, Business Description, Major Products and Services 57
8.4 MOL
Group, Value Chain Analysis 58
8.4.1 MOL Group, Value Chain Analysis,
Upstream 58
8.4.2 MOL Group, Value Chain Analysis, Midstream 59
8.4.3
MOL Group, Value Chain Analysis, Downstream 60
8.4.4 MOL Group, Value
Chain Analysis, Retail 60
8.5 MOL Group, SWOT Analysis 61
8.5.1 MOL
Group, SWOT Analysis, Overview 61
8.5.2 MOL Group, SWOT Analysis,
Strengths 62
8.5.3 MOL Group, SWOT Analysis, Weaknesses 63
8.5.4 MOL
Group, SWOT Analysis, Opportunities 64
8.5.5 MOL Group, SWOT Analysis,
Threats 65
8.6 MOL Group, Revenue Analysis 66
8.6.1 MOL Group, Revenue
by Segment 66
8.6.2 MOL Group, Revenue by Geography 67
8.7 MOL Group,
Financial and Operational Review 70
8.7.1 Financial Statements 70
8.7.2 Financial Ratios 71
9 Profile of Ascent Resources plc 72
9.1
Ascent Resources plc, Key Information 72
9.2 Ascent Resources plc, Company
Overview 72
9.3 Ascent Resources plc, Business Description 72
9.3.1
Ascent Resources plc, Business Description, Business Overview 72
9.4
Ascent Resources plc, SWOT Analysis 75
9.4.1 Ascent Resources plc, SWOT
Analysis, Overview 75
9.4.2 Ascent Resources plc, SWOT Analysis, Strengths
75
9.4.3 Ascent Resources plc, SWOT Analysis, Weaknesses 76
9.4.4
Ascent Resources plc, SWOT Analysis, Opportunities 76
9.4.5 Ascent
Resources plc, SWOT Analysis, Threats 77
10 Profile of Total S.A. 78
10.1 Total S.A., Key Information 78
10.2 Total S.A., Company Overview
78
10.3 Total S.A., Business Description 78
10.3.1 Total S.A.,
Business Description, Business Overview 78
10.3.2 Total S.A., Business
Description, Chemicals 79
10.3.3 Total S.A., Business Description,
Downstream 80
10.3.4 Total S.A., Business Description, Upstream 81
10.3.5 Total S.A., Business Description, Major Products and Services 82
10.4 Total S.A., Value Chain Analysis 84
10.4.1 Total S.A., Value Chain
Analysis, Upstream 85
10.4.2 Total S.A., Value Chain Analysis, Midstream
85
10.4.3 Total S.A., Value Chain Analysis, Downstream 86
10.4.4 Total
S.A., Value Chain Analysis, Retail 87
10.5 Total S.A., SWOT Analysis
87
10.5.1 Total S.A., SWOT Analysis, Overview 87
10.5.2 Total S.A.,
SWOT Analysis, Strengths 88
10.5.3 Total S.A., SWOT Analysis, Weaknesses
89
10.5.4 Total S.A., SWOT Analysis, Opportunities 89
10.5.5 Total
S.A., SWOT Analysis, Threats 90
10.6 Total S.A., Revenue Analysis 91
10.6.1 Total S.A., Revenue by Segment 92
10.6.2 Total S.A., Revenue by
Geography 92
10.7 Total S.A., Financial and Operational Review 94
10.7.1 Financial Statements 94
10.7.2 Financial Ratios 95
11 Hungary
Gas Market, Financial Deals Landscape 96
11.1 Detailed Deal Summary 96
11.1.1 Acquisition 96
11.1.2 Partnerships 106
11.1.3 Asset
Transactions 111
12 Hungary Gas Market, Recent Developments 116
12.1
License Awards 116
12.1.1 Mar 17, 2008: Matra Wins New Exploration License
In Hungary 116
12.2 Strategy and Business Expansion 116
12.2.1 May 27,
2008: MOL Eyes Libyan Expansion 116
12.2.2 Apr 10, 2008: ExxonMobil Signs
Agreement With Falcon And TXM 117
12.3 Recent Discoveries 117
12.3.1
Aug 11, 2008: JKX Discovers Gas At Hajdunanas -1 Well In Pannonian Basin,
Hungary 117
12.3.2 Jun 20, 2008: MOL Announces Oil And Gas Field Discovery
In Fedorovskoye Block, Kazakhstan 118
12.3.3 May 15, 2008: MOL Announces
New Oil Discovery In Russia 118
12.4 Drilling and Production Updates
119
12.4.1 Feb 09, 2009: Toreador Commences Drilling At Balotaszallas-E-1
Well In Tompa Block, Hungary 119
12.4.2 Feb 03, 2009: Leni Provides
Production Update 119
12.4.3 Jan 21, 2009: Ascent To Sidetrack PEN-104 Gas
Well In Hungary 121
12.4.4 Jan 14, 2009: Falcon Updates On Drilling
Program In Mako Trough, Southeast Hungary 122
12.5 Financial Announcements
122
12.5.1 Nov 19, 2008: MOL Reports 3Q 2008 Results 122
12.5.2 Aug
11, 2008: MOL Reports 2Q 2008 Results 124
12.6 Other Significant
Developments 127
12.6.1 Jan 23, 2009: Hungary And Qatar In Discussions On
LNG Supply To Europe 127
12.6.2 Nov 26, 2008: MOL Plans To Reduce Capital
Expenditure By 35% In 2009 128
12.6.3 Oct 23, 2008: Ascent Commences 3D
Seismic Survey In Peneszlek Area Of Nyirseg Permit In Hungary 128
12.6.4
Jul 30, 2008: Russia Sees South Stream Pipeline Cost At $20 Billion 129
12.6.5 Jul 14, 2008: Matra Updates On Pamuk-1 ST Well, Hungary 130
12.6.6
Jun 27, 2008: Hungary, Bulgaria Urge Faster Work On Nabucco Pipeline Project
130
12.7 New Contracts Announcements 131
12.7.1 Apr 30, 2008: Matra
Provides Hungary Operational Update 131
13 Appendix 132
13.1
Methodology 132
13.1.1 Coverage 132
13.1.2 Secondary Research 133
13.1.3 Primary Research 133
13.1.4 E&P Forecasts 134
13.1.5 Midstream
Forecasts 135
13.1.6 Expert Panel Validation 135
13.2 Contact Us
136
13.3 About GlobalData 136
13.4 Disclaimer 136
1.1 List of
Tables
Table 1: Hungary, Historical and Forecasted Production and
Consumption of Natural Gas, 1996-2020 14
Table 2: Hungary, Historical
and Forecasted Import of Natural Gas, 1996-2020 16
Table 3: Hungary,
Historical Reserves of Natural Gas, 1996-2008 18
Table 4: Hungary,
Depreciation Rate On Fixed Assets, 2007 23
Table 5: Eastern Europe,
Investment Benchmarking, Overall Country Rankings, April 2008 25
Table 6:
Eastern Europe, Investment Benchmarking, Upstream Fiscal Attractiveness, April
2008 26
Table 7: Eastern Europe, Investment Benchmarking, Gas Sector
Performance, April 2008 28
Table 8: Eastern Europe, Investment
Benchmarking, Economic Performance, April 2008 32
Table 9: Eastern Europe,
Country Standings, Economic Performance, April 2008 33
Table 10: Eastern
Europe, Investment Benchmarking, Socio-Political Performance, April 2008
35
Table 11: Eastern Europe, Country Standings, Socio-Political
Performance, April 2008 35
Table 12: Hungary, Natural Gas, Key Statistics,
2008 37
Table 13: Hungary, Total Marketed Natural Gas Production
(MMcf), 2001-2008 38
Table 14: Hungary, Marketed Natural Gas
Production (MMcf), by Assets, 2001-2008 39
Table 15: Hungary, Marketed
Equity Weighted Natural Gas Production (MMcf), by Company, 2001-2008 39
Table 16: Hungary, Market Share (%) based on Marketed Natural Gas
Production, 2001- 2008 40
Table 17: Hungary, Marketed Natural Gas
Production (MMcf), Forecast by Assets, 2009-2014 41
Table 18: Hungary,
Forecasted Assets-wise Gross Revenue (000' $), 2009-2014 42
Table 19:
Hungary, Projected Assets-wise Total Government Take (000' $), 2009-2014 42
Table 20: Hungary, Projected Assets-wise Total Contractor Take (000' $),
2009-2014 42
Table 21: Hungary, Planned Gas Field Assets Details
43
Table 22: Hungary, Pipeline Key Statistics, 2008 44
Table 23:
Hungary, Natural Gas Pipelines, 2008 45
Table 24: Hungary, Natural Gas
Pipelines, 2008 (contd.) 46
Table 25: Hungary, Natural Gas Pipelines, 2008
(contd.) 47
Table 26: Hungary, Underground Gas Storage Key Statistics,
2008 48
Table 27: Hungary Underground Gas Storage Capacity, Company-wise,
2008 48
Table 28: Hungary, Underground Gas Storage Capacity, 2008 49
Table 29: MOL Group, Key Facts 50
Table 30: MOL Group, SWOT
Analysis 61
Table 31: MOL Group, Revenue by Segment, Hungarian Forint
Million, 2003-2007 67
Table 32: MOL Group, Revenue by Geography,
Hungarian Forint Million, 2003-2007 69
Table 33: MOL Group, Financial
Statements, Hungarian Forint Million, 2003-2007 70
Table 34: MOL
Group, Financial Ratios, Hungarian Forint Million, 2003-2007 71
Table 35:
Ascent Resources plc, Key Facts 72
Table 36: Ascent Resources plc, SWOT
Analysis 75
Table 37: TOTAL S.A., Key Facts 78
Table 38:
TOTAL S.A., SWOT Analysis 88
Table 39: TOTAL S.A., Revenue by
Segment, Euro Million, 2003-2007 92
Table 40: TOTAL S.A., Revenue by
Geography, Euro Million, 2003-2007 93
Table 41: TOTAL S.A., Financial
Statements, Euro Million, 2003-2007 94
Table 42: TOTAL S.A.,
Financial Ratios, Euro Million, 2003-2007 95
Table 43: Oman Oil Company
Acquires 15% Stake In MOL 96
Table 44: Matra Petroleum Sells 40%
Shareholding In Gemstone Properties To HHE America 97
Table 45: OMV Sells
9.6% Interest In MOL 98
Table 46: OMV Terminates Its Offer To Acquire
Remaining Stake In MOL 99
Table 47: Ascent Resources Sells Interest In Two
Gas Development Projects To Leni Gas and Oil 100
Table 48: Oman Oil
Company Acquires Stake In MOL 101
Table 49: OMV Acquires Stake In MOL
102
Table 50: MOL Acquires MSZKSZ Biztonsagi 103
Table 51: Pogo Sells
Pogo Hungary To Toreador Resources 104
Table 52: Winstar Resources
Acquires El Paso Hungary Oil And Gas 105
Table 53: Falcon Oil & Gas Enters
Into Partnership With ExxonMobil And MOL 106
Table 54: MOL And ExxonMobil
To Start Joint Exploration In Hungary 107
Table 55: MOL Hungarian Oil and
Gas Partners With Hungarian Horizon Energy 108
Table 56: MOL Forms A Joint
Venture With Gazprom 109
Table 57: Yukos And MOL Form Joint Venture In
Russia 110
Table 58: Ascent Resources Farms-Out 66.67% Interest In
Peneszlek Exploration Project 111
Table 59: JKX Oil & Gas Acquires 50%
Interest In Two Exploration Licenses From Hungarian Horizon Energy 112
Table 60: DualEx Completes Pannonian Basin Farm-In Agreement With
PetroHungaria 113
Table 61: Matra Petroleum Completes Sale Of 60% Stake In
Inke Concession To Aspect Energy 114
Table 62: Loon Energy Acquires Oil
And Gas Interests From Auldstone Investments 115
1.2 List of
Figures
Figure 1: Hungary, Energy Sector break-up, 2008 12
Figure 2:
Hungary, Natural Gas Production And Consumption, Billion Cubic Feet, 1996-2020
15
Figure 3: Hungary, Natural Gas Imports, Billion Cubic Feet, 1996-2020
17
Figure 4: Hungary, Natural Gas Reserves, Billion Cubic Feet, 1996-2008
19
Figure 5: Hungary, Upstream Oil & Gas Fiscal Regime (Royalty/Tax),
Sample Cashflows, 2005-2016 24
Figure 6: Eastern Europe, Country
Standings, Upstream Fiscal Attractiveness, April 2008 27
Figure 7: Eastern
Europe, Country Standings, Gas Sector Performance, April 2008 29
Figure 8:
Eastern Europe, Country Standings, Gas Sector Performance, April 2008 (Contd.)
30
Figure 9: Eastern Europe, Country Standings, Exploration Blocks
Awarded, April 2008 31
Figure 10: Eastern Europe, Country Standings,
Economic Performance, April 2008 33
Figure 11: Eastern Europe, Country
Standings, Socio-Political Performance, April 2008 36
Figure 12:
Hungary, Natural Gas Assets Map, 2008 37
Figure 13: Hungary, Total
Marketed Natural Gas Production(MMcf), 2001-2008 38
Figure 14: Hungary,
Marketed Equity Weighted Natural Gas Production (MMcf), by Company, 2001-2008
40
Figure 15: Hungary, Market Share (%) based on Marketed Natural Gas
Production, 2008 41
Figure 16: Hungary, Natural Gas Pipeline Length By
Companies (Km), 2008 44
Figure 17: MOL Group, Value Chain Analysis
58
Figure 18: TOTAL S.A., Value Chain Analysis 84
Figure 19:
GlobalData Methodology 132
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