Hungary is looking for its own sources of energy

Following the outbreak of the Russo-Ukrainian war, countries with high energy exposure to Russia have found themselves in a particularly difficult situation. Hungary is making a huge effort to find alternative solutions: one of these is the exploration of yet unexploited fossil deposits on its own territory.

Hungary’s energy supply depends to a considerable extent on imported fossil energy resources, mainly Russian oil, and natural gas. The Russo-Ukrainian war has put this source of energy at risk, making the search for alternatives a priority: in addition to the development of renewable energy resources, untapped domestic gas and oil fields could be a solution. The Hungarian MOL Group, an important player in the region, has stepped up the exploration of these resources, with its recent test drills proving successful. According to press reports, 16 out of 18 wells drilled during the shallow gas exploration program were successful, compared to an average hit rate of around 30-40% for oil and gas exploration.

In addition to a domestic exploration of fossil energy resources, new gas power plants will be built to reduce Hungary’s energy dependence. Two new power plant units, each with a maximum capacity of 500 MW, are planned to be built at the Tiszaújváros site of the MVM Tisza Power Plant and one at the Visonta site of MVM Mátra Energia Zrt’s Mátra Power Plant with a maximum capacity of 650 MW. The Tiszaújváros units will produce an average of 5,200 GWh, while the Mátra unit will produce 3,800 GWh of electricity per year.