Recent developments in the rules concerning hydrocarbons concessions in Hungary
HERE you find a brief summary about the recently published amendment of the Hungarian ministerial decree on the mining concession tender procedure.
The invitation for tender by the Hungarian National Development Ministry last fall (2013 Bid Round) seems to have failed to meet the expectations of the companies seeking to acquire hydrocarbons exploration assets in Hungary as the limited number of the areas opened for tender has not attracted a significant number of bids.
However, the recently published new ministerial decree 8/2014. (II. 18.) that replaces decree No. 81/2012 on the mining concession tender procedure (Decree) may be interpreted as a sign of the Ministry’s willingness to provide certain adjustments to the process. Overall, it may be stated that the amendment aims to detail and elaborate the existing rules in order to provide more clarity for the process.
The summary of the most significant changes of the Decree have been summarized by bpv JÁDI NÉMETH Attorneys’ Energy Law Practice Group.