Gas Field Found in Hungary

"Gazprom will have new competition in Europe. Exxon Mobil, MOL and Falcon Oil & Gas have announced plans to produce about 10 billion cu. M. of natural gas at a new Hungarian gas field and export the fuel to Austria and Serbia. That fuel will be an alternative to Russian exports, although the Hungarian filed is not large enough to affect Gazprom’s position in Europe seriously. Falcon Oil & Gas chairman and CEO Mark Bruner told the Bloomberg agency that the companies have already begun producing gas from the Mako Trough deposit. Production will reach an industrial level in 2012."

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