EMOV acquires majority stake in Sand Hill Petroleum

EMOV UK Ltd. has closed a deal to acquire 88% of the issued and outstanding shares of Sand Hill Petroleum BV, a private company with upstream and midstream assets in Hungary and Romania.

Sand Hill produces more than 300,000 cu m/d of natural gas from license concessions in central and northeast Hungary and is the country’s third-largest producer, EMOV said in a release Mar. 9.

A drilling program will begin this month in Sand Hill’s production hub in northeast Hungary, EMOV said.

Sand Hill is also operator of two onshore exploration concessions in Romania, held with partner MOL Group. An additional 3D-seismic program was launched in January to further appraise the exploration concessions.

Sand Hill operates and owns two natural gas processing, treatment, and storage plants in Hungary. These sites have combined capacity of 950,0000 cu m/d. The operator is developing plans to connect the infrastructure to its exploration concession areas in Romania.

In addition to its existing natural gas operations, Sand Hill is the only company in Hungary that received government approval to participate in the European Commission (EC)’s Important Projects of Common European Interest program with its hydrogen production and storage project, HyStore. The project is awaiting EC approval.