RAG has conducted all exploration and production activities in Hungary through RAG's wholly owned subsidiary RAG Hungary Kft. founded in Budapest in 2009.
Since 2011 in conjunction with Naftna Industrija Srbije (NIS) - a subsidiary of Gazprom Neft, RAG has developed, drilled and tested a comprehensive portfolio of projects in the existing exploration licenses Kiskunhalas (2460 km2) and Kelebia (530 km2).
RAG was the first company to utilize CRS, Common Reflection Surface – an innovative seismic interpretation methodology – to identify new areas of undeveloped oil and gas potential in Hungary.
As an EU member, Hungary offers a stable investment environment and access to exploration and production rights by way of a bidding and tendering process for hydrocarbon concession areas. Hungary’s well developed infrastructure, a liberalised gas market, potentially sizeable untapped hydrocarbon reserves, and a favourable cost environment make it to an attractive location for RAG’s international exploration activities.
