Europe / Caspian / CIS

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Summary | Profile

Country profile: Hungary

Location: Central Europe, northwest of Romania
Climate: temperate; cold, cloudy, humid winters; warm summers
Terrain: mostly flat to rolling plains; hills and low mountains on the Slovakian border
Size: 93030 sq. km total (Land area: 92340 sq. km  Water area: 690
Population: 9,930,915 (July 2008 est.)
Languages: Hungarian 93.6%, other or unspecified 6.4% (2001 census)
Government: parliamentary democracy
Capital city: Budapest
Legal system: based on the German-Austrian legal system; accepts compulsory ICJ jurisdiction with reservations
Currency: forint (HUF)

Country profile

Poland, the Czech Republic, the Slovak Republic (commonly referred to as Slovakia), and Hungary are members of the Visegrad Group, created in February 1991 at the northern Hungarian town of Visegrad. After World War II until 1989-1990, these countries were Communist states, as well as members of the Warsaw Pact. On January 1, 1993, the Czech and Slovak Republics, previously Czechoslovakia, split to form two separate states. During the past decade, the Visegrad group has made the transition to democracy and to market-based economies. On May 1, 2004, the Visegrad countries became members of the European Union (EU). In 1999, Hungary, Poland, and the Czech Republic became the first former Warsaw Pact countries to join the North Atlantic Treaty Organization (NATO) .

Slovakia joined NATO in 2004. The Czech Republic became a member of the Organization for Economic Co-operation and Development (OECD) in 1995, Hungary and Poland joined in 1996, and Slovakia in 2001. As members of the Visegrad Group, the four countries also belong to Central European Free Trade Agreement (CEFTA) .

Slovenia , Romania , and Bulgaria are members too. The Visegrad countries are dependent on trade with the EU, in particular with Germany . These four countries also continue to face economic restructuring challenges, including: modernizing large, and to a certain extent, antiquated agricultural sectors (especially in Poland); implementing more energy efficient processes for industry in order to decrease energy consumption; absorbing the costs from cleaning up heavily-polluting industries; and adapting industries and services to EU standards.

Energy production and consumption

Oil Gas
Production: 42,180 bbl/day (2005 est.) 2 billion cu m (2005 est.)
Consumption: 152,200 bbl/day (2005 est.) 14 billion cu m (2005 est.)
Exports: 58,380 bbl/day (2005 est.)  
Imports: 150,000 bbl/day (2005 est.) 11 billion cu m
Reserves: 102 million bbl (1 January 2006 est.) 32 billion cu m (1 January 2006 est.)
Major fields:

Hungary - recent news

09 Mar 20
Hungary: JKX announces sale of non-core assets
JKX Oil & Gas has agreed terms for the sale of the entire share capital of its wholly owned Hungarian subsidiary, Folyopart Energia KFT (Riverside Energy KFT), to Starhol Holding for a cash consideration of US$2.9 million. Riverside holds a number of Hungarian mining plots and a production facility. It is not currently producing hydrocarbons.
24 Jan 19
Hungary: Sand Hill Petroleum awarded three hydrocarbons concessions in the Pannonian Basin
Sand Hill Petroleum has been awarded three exploration concessions totaling 3,047 sq km in the Pannonian Basin in Hungary.

Hungary - more news

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