Hungary has invited offers for oil, gas and geothermal exploration in a bid to cut its dependence on energy imports, the national development ministry has announced.
The seven proposed licences include four for hydrocarbon exploration, close to already existing fields in southeastern Hungary, and three for geothermal exploration.
The winning bids will be announced within 90 days of the November 15 deadline. The concessions for oil and gas licences would be valid for 20 years and the geothermal ones for 35 years with optional extensions.
MOL, Hungary’s biggest oil and gas company, reported an 18% fall in output for Q1 year-on-year, with the depletion of central European and Russian fields blamed for the decrease.
The country currently imports most of its supplies from Russia.
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