Table of Contents
1 Table of Contents 2
1.1 List of Tables 6
1.2 List of Figures 7
2
Hungary, Country Snapshot 8
2.1 Hungary, Key Data 8
2.2 Hungary,
Exploration and Production Assets Map 9
2.3 Hungary, Crude Oil & Natural
Gas Reserves 10
3 Hungary, Crude Oil And Natural Gas Production 12
3.1
Hungary, Historical Crude Oil Production 12
3.2 Hungary, Historical
Natural Gas Production 13
3.3 Hungary, Crude Oil and Natural Gas Producing
Asset Details 14
3.4 South Eastern Hungary, Crude Oil Producing Assets by
Area 14
3.5 South Eastern Hungary, Natural Gas Producing Assets by Area
14
3.6 Hungary, Planned Production Assets Details 15
3.7 Hungary,
Crude Oil Production by Company 15
3.8 Hungary, Natural Gas Production by
Company 15
4 Hungary, Crude Oil And Natural Gas Forecasts 16
4.1
Hungary, Forecasted Crude Oil Production 16
4.2 Hungary, Forecasted
Natural Gas Production 16
5 Hungary, Exploration Block Details 17
5.1
Hungary, Total Number of Active Exploration Blocks 17
5.2 Hungary, Total
Number of Active Exploration Blocks by Company 18
5.3 Hungary, Exploration
Blocks Details 19
6 MOL Group 22
6.1 MOL Group, Key Information 22
6.2 MOL Group, Company Overview 22
6.3 MOL Group, Business Overview 22
6.3.1 MOL Group, Business Overview, Exploration and Production 23
6.3.2
MOL Group, Business Overview, Natural Gas 24
6.3.3 MOL Group, Business
Overview, Petrochemicals 25
6.3.4 MOL Group, Business Overview, Refining
and Marketing 27
6.3.5 MOL Group, Business Overview, Major Products and
Services 28
6.4 MOL Group, Value Chain Analysis 29
6.4.1 MOL Group,
Value Chain Analysis, Upstream 29
6.4.2 MOL Group, Value Chain Analysis,
Midstream 30
6.4.3 MOL Group, Value Chain Analysis, Downstream 31
6.4.4 MOL Group, Value Chain Analysis, Retail 31
6.5 MOL Group, SWOT
Analysis 32
6.5.1 MOL Group, SWOT Analysis, Overview 32
6.5.2 MOL
Group, SWOT Analysis, Strengths 32
6.5.3 MOL Group, SWOT Analysis,
Weaknesses 33
6.5.4 MOL Group, SWOT Analysis, Opportunities 34
6.5.5
MOL Group, SWOT Analysis, Threats 35
6.6 MOL Group, Revenue Analysis
36
6.6.1 MOL Group, Revenue Analysis, Revenue by Segment 36
6.6.2 MOL
Group, Revenue Analysis, Revenue by Geography 37
6.7 MOL Group, Financial
and Operational Review 39
6.7.1 MOL Group, Financial and Operational
Review, Financial Statements 39
6.7.2 MOL Group, Financial and Operational
Review, Financial Ratios 40
6.8 MOL Group, Operational Indicators 41
7
Hungary Exploration and Production Industry, Deals Land Scape 42
7.1
Acquisition 42
7.1.1 Ascent Resources Sells Interest In Two Gas
Development Projects To Leni Gas and Oil 42
7.1.2 MOL Acquires MSZKSZ
44
7.1.3 Pogo Sells Pogo Hungary To Toreador Resources 45
7.1.4
Winstar Resources Acquires El Paso Hungary Oil And Gas 47
7.2 Partnership
48
7.2.1 Falcon Oil & Gas Forms Partnership With Exxon Mobil 48
7.2.2
MOL Hungarian Oil and Gas Partners With Hungarian Horizon Energy 50
7.2.3
MOL Forms A Joint Venture With Gazprom 51
7.2.4 Yukos And MOL Form Joint
Venture In Russia 52
7.2.5 MOL And ExxonMobil To Start Joint Exploration
In Hungary 54
7.3 Asset Transactions 55
7.3.1 JKX Oil & Gas Acquires
50% Interest In Two Exploration Licenses From Hungarian Horizon Energy
55
7.3.2 DualEx Completes Pannonian Basin Farm-In Agreement With
PetroHungaria 56
7.3.3 Matra Petroleum Completes Sale Of 60% Stake In Inke
Concession To Aspect Energy 57
7.3.4 Loon Energy Acquires Oil And Gas
interests From Auldstone Investments 59
8 Hungary Exploration and
Production Industry, Recent Developments 61
8.1 License Awards 61
8.1.1 Mar 17, 2008: Matra Wins New Exploration License In Hungary 61
8.2
Strategy and Business Expansion 61
8.2.1 May 27, 2008: MOL Eyes Libyan
Expansion 61
8.2.2 Apr 10, 2008: ExxonMobil Signs Agreement With Falcon
And TXM 61
8.2.3 Jan 31, 2008: PannErgy Signs Agreements With Local
Governments For Geothermal Exploration 62
8.2.4 Dec 20, 2007: JKX Farms
Into Two Exploration Licenses In Hungary 62
8.2.5 Dec 19, 2007: Contact
Announces JVA For Hungarian Shallow Gas Exploration 62
8.2.6 Dec 19, 2007:
Ascent Enters Farm-In Agreement With Toreador 63
8.2.7 Nov 07, 2007: MOL
Signs Two PSCs With KRG 63
8.3 Recent Discoveries 64
8.3.1 Aug 11,
2008: JKX Discovers Gas At Hajdunanas -1 Well In Pannonian Basin, Hungary
64
8.3.2 Jun 20, 2008: MOL Announces Oil And Gas Field Discovery In
Fedorovskoye Block, Kazakhstan 64
8.3.3 May 15, 2008: MOL Announces New
Oil Discovery In Russia 64
8.3.4 Mar 19, 2008: MOL Announces New Gas And
Condensate Discovery In Pakistan 65
8.4 Drilling and Production Updates
65
8.4.1 Aug 19, 2008: Ascent Updates On Production At PEN-104 Well,
Hungary 65
8.4.2 Aug 12, 2008: Ascent Commences Gas Production At PEN-104
Well In Hungary 65
8.4.3 Aug 12, 2008: Leni Commences Gas Production At
PEN-104 Well In Nyirseg Permits, Hungary 66
8.4.4 May 22, 2008: Matra
Drills Pamuk-1 Well In Hungary 67
8.4.5 May 12, 2008: Toreador Drills
Nky-Ny-1 Well In Hungary 67
8.4.6 Apr 15, 2008: ExxonMobil And MOL To
Begin Exploration At Mako Trough 67
8.4.7 Apr 07, 2008: Toreador Updates
On Tik-1 Exploration Well 68
8.4.8 Apr 07, 2008: Ascent Updates On
Drilling Activities In Hungary 68
8.4.9 Mar 31, 2008: Matra Provides
Operational Update 69
8.4.10 Feb 14, 2008: DualEx Provides Operations
Update 70
8.4.11 Feb 13, 2008: Matra Provides Operational Update 71
8.4.12 Feb 05, 2008: Matra Updates On Operations In Hungary And Russia 71
8.5 Financial Announcements 72
8.5.1 Aug 11, 2008: MOL Reports 2Q 2008
Results 72
8.5.2 May 14, 2008: MOL Reports Q1 2008 Results 74
8.6
Other Significant Developments 75
8.6.1 Jul 14, 2008: Matra Updates On
Pamuk-1 ST Well, Hungary 75
8.6.2 Jun 25, 2008: Gulf Keystone Updates On
Shaikan And Akri-Bijeel Blocks 75
8.6.3 May 29, 2008: DualEx Provides
Quarterly Operational Updates 76
8.6.4 May 13, 2008: OMV' s Suit Against
MOL Being Rejected By Hungarian Court 77
8.6.5 Apr 25, 2008: Toreador
Updates On Tik-1 Exploration Well 77
8.6.6 Mar 25, 2008: Winstar Provides
Q1 2008 Operational Updates 77
8.6.7 Jan 25, 2008: MOL Signs MoU With ONGC
80
8.6.8 Dec 12, 2007: Matra Announces Hungary 2008 Exploration and
Appraisal Programme 80
8.6.9 Nov 29, 2007: Falcon Plans To Complete
Mako-4, Mako-6 And Mako-7 Wells 81
8.6.10 Oct 09, 2007: MOL Signs MoU With
QPI 81
8.7 New Contracts Announcements 81
8.7.1 Apr 30, 2008: Matra
Provides Hungary Operational Update 81
9 Appendix 83
9.1 Methodology
83
9.1.1 Coverage 84
9.1.2 Secondary Research 84
9.1.3 Primary
Research 85
9.1.4 Forecasts 85
9.2 Key Economic Assumptions 87
9.3
Expert Panel Validation 88
9.4 Definitions 88
9.5 Unit Of Measure
89
9.6 Disclosure information 90
9.7 Contact Us 90
9.8 Disclaimer
90
1.1 List of Tables
Table 1: Hungary, Oil and Gas, Key
Statistics, April 2008 9
Table 2: Hungary, Total Crude Oil and Natural Gas
Reserves , 2000-2012 12
Table 3: Hungary, Total Crude Oil Production
(MMBBLs), 2000-2007 13
Table 4: Hungary, Total Natural Gas Production
(BCF), 2000-2007 14
Table 5: Hungary, Oil and Gas Asset Details, April
2008 15
Table 6: South Eastern Hungary, Total Crude Oil Production
(Barrels), by Assets, 2000-2007 15
Table 7: South Eastern Hungary, Total
Natural Gas Production (MMCF), by Assets, 2000-2007 15
Table 8: Hungary,
Oil and Gas Planned Production Asset Details, April 2008 16
Table 9:
Hungary, Total Crude Oil Production (MMBBLs), by Company, 2000-2007 16
Table 10: Hungary, Total Natural Gas Production (BCF), by Company, 2000-2007
16
Table 11: Hungary, Total Crude Oil Production (MMBBLs), Forecast,
2008-2013 17
Table 12: Hungary, Total Natural Gas Production (BCF),
Forecast, 2008-2013 17
Table 13: Hungary, Total Number of Active
Exploration Blocks, 2000-2007 18
Table 14: Hungary, Total Number of Active
Exploration Blocks by Company, 2000-2007 19
Table 15: Hungary, Oil and Gas
Exploration Blocks Details, April 2008 20
Table 16: Hungary, Oil and Gas
Exploration Blocks Details, April 2008 (Cont' d) 21
Table 17: Hungary, Oil
and Gas Exploration Blocks Details, April 2008 (Cont' d) 22
Table 18:
MOL Group, Key Facts, 2006 23
Table 19: MOL Group, SWOT Analysis ,
2006 33
Table 20: MOL Group, Revenue by Segment, HUF Million,
2002-2006 38
Table 21: MOL Group, Revenue by Geography, HUF Million,
2002-2006 39
Table 22: MOL Group, Financial Statements, HUF Million,
2002-2006 40
Table 23: MOL Group, Financial Ratios, HUF Million,
2002-2006 41
Table 24: MOL Group Operational Indicators, 2002-2006
42
Table 25: Brent Blend NYMEX Future Prices 88
1.2 List of
Figures
Figure 1: Hungary, Exploration and Production Assets Map,
April 2008 10
Figure 2: Hungary, Total Crude Oil and Natural Gas Reserves
(MMBOE), 2000-2012 11
Figure 3: Hungary, Total Crude Oil Production
(MMBBLs), 2000-2007 13
Figure 4: Hungary, Total Natural Gas Production
(BCF), 2000-2007 14
Figure 5: Hungary, Total Number of Active Exploration
Blocks, 2000-2007 18
Figure 6: MOL Group, Value Chain Analysis 30
Figure 7: Global Markets Direct Methodology 84
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