Oil & Gas

After a decade-long wait, regulatory barriers to the establishment and expansion of wind farms in Hungary have been lifted thanks to a package of legislation that entered into force on 1 January 2024. The legislation both reduces the protection zone for wind farms from 12 km to 700 meters and repeals the mandatory tendering procedure for wind farm capacity. However, will these changes be sufficient to reignite wind farm development in Hungary?

1. Why has no wind farm been built in Hungary for over a decade?

Initially, the establishment of wind farms above household size were possible only by means of a tendering procedure set out in KHEM Decree No. 33/2009. (VI. 30.) governing the terms of the call for tenders, the requisite tender content, and the procedure’s regulations (the “KHEM Decree”). However, despite this framework, no such call for tenders has been issued.

Japan’s Ministry of Economy, Trade and Industry has signed memorandums of cooperation in the area of decarbonization with the governments of Uzbekistan and Kazakhstan.

Under the deal, inked Tuesday, Japan will supply renewable energy and energy-saving technologies to the two Central Asian countries, both heavily dependent on thermal power generation.

Algeria exported 97 million tonnes of oil equivalent in 2023, up 3.5 percent from the previous year, the state-owned APS news agency said on Tuesday.

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The block will help increase ONGC’s total production of oil and natural gas by 11% and 15% respectively; peak production of the field is expected to be around 45,000 barrels of oil per day and over 10 MMSCMD of gas

The Central Bank of Libya said Sunday that the country’s oil revenues in 2023 were 111.4 billion Libyan dinars (about 23.3 billion U.S. dollars).

The U.S. government will hold an auction of oil and gas leases in the Gulf of Mexico following several delays due to litigation over the drilling industry’s impact on an endangered species of whale.

ING said it will phase out upstream oil and gas financing by 2040 and triple renewables financing by 2025, responding to the pact to pivot away from fossil fuels at COP28 last week.