Sorry, but I had to watch the tv show 24.

Here's the rest of the story...

http://www.magyarhirlap.hu/cikk.php?...

We have the solution

Hungary posses a large gas reserve that would supply her with gas for 100 years. If we are lucky. Presently, 80% of Hungary's gas energy needs are imports from Russia, and just recently, we were painfully reminded of this dependence.

The gas supply contained in the Mako trough could change this situation. Could. Presently, the activity still at test-drilling stage.

“The Mako gas field production expected to start in 2012, and eventually it will provide Hungary’s gas energy needs” –said György Szabó director of TXM Kft. in last May at the meeting for people of local concerns. “This was a historical step” said Dr. Szabó of the Joint Venture deal signed with world largest oil company ExxonMobil and the Hungarian company Mol to exploit the Mako trough. This project compares only to another project nearly seventy years ago when Exxon’s predecessor signed a deal with the Hungarian government in 1935 that helped to establish the Hungarian oil industry.

According to internationally excepted estimates, there is about 1500 billion cubic meters of gas resource in the Mako trough. This gigantic reserve, at the present consumption rate would provide the country with gas for about 100 years. Falcon relinquished the production rights for $25 million in 70% of its production license to ExxonMobil, the American company required to spend $50 million during the first phase of the exploitation. After the successful phase I Exxon will pay an additional $50 million to Falcon and Exxon will be required to spend $100 million in Phase II. Following the successfully completed Phase II Exxon will enter Phase III and will be required to pay Falcon another $75 million. Last summer Exxon also signed a Join Venture agreement with Mol for a 50% interest. TXM spent $250 million on this project so far, or 39 billion Forint.

By the way, the explorations in the Mako trough has started more than 30 years ago, but all efforts failed. In the conventional exploitation, the gas that is extracted comes from traps higher up in shallower grounds, not from the deep grounds where the gas is actually is forming. In the Mako trough, you have to drill right to the depths where the gas is being made. In the last 2 years attempts to achieve a continuous production with the new technical method were unsuccessful. No other unconventional plays around the world where successful production was achieved has encountered as high temperatures and high pressures as in the Mako trough. Therefore the exploitation here will be very expensive, on the bright side, the methods that will be developed here, also becomes applicable somewhere else around the world. There is a great risk here, but everyone in the country is hoping that the investment will have a return.