Hungarian production peaked in 1984. Its fields are
mostly depleted and just a few satellite discoveries occasionally come
onstream to slow decline.
Hungary was once a significant non-associated gas producer but gas
output also peaked in the mid 1980s and decline has continued ever
There are no offshore waters in Hungary.
Hungarian economy grew rapidly after its admission to the European Union
in 2004 and oil consumption also grew. However the country has been hit
hard by the 2008/2009 recession and a steady fall is now forecast.
Conversely gas consumption is forecast to grow after dipping from 2006.
The country will need to import increasing volumes of gas from the
Former Soviet Union to satisfy demand.