Hungary

RAG acquired Toreador Hungary Kft, a company with exploration and production operations in Hungary having its registered office in Budapest, on September 30th, 2009. The company has since been reregistered and now operates under RAG Hungary Kft.

The acquisition was a major step towards intensifying oil and gas exploration and production activities in Hungary. Hungary holds considerable untapped oil and gas potential and, as a member of the EU, offers favourable market conditions and provides an excellent opportunity to participate in existing and new  exploration and production licence areas. Its highly developed gas infrastructure and the liberalized gas market provide additional incentives for RAG.

Hungary is a classic natural gas country, covering approximately 50% of its energy demand with gas. Within RAG’s strategy of internationalisation the country offers excellent business opportunities.