In December 2022, EMOV completed its acquisition of 88% of the issued and outstanding shares of Sand Hill Petroleum B.V., a private company with upstream and midstream assets in Hungary and Romania.
Sand Hill produces more than 350,000 m3/day of natural gas from license concessions in central and north-east Hungary. The concession areas include exploration and development opportunities with the potential to substantially increase production and reserves over time. A drilling programme will commence in March in Sand Hill’s production hub in north-east Hungary.
Sand Hill is also the owner and operator of two natural gas processing, treatment and storage facilities in Hungary. These sites have combined capacity of 950,0000 m3/day and are used to process the company’s gas and condensate production, with excess capacity available for future production growth and for processing third-party gas and liquids. In addition, Sand Hill is developing plans to connect these gas processing facilities to its exploration concession areas in Romania.
This acquisition provides EMOV with a growth platform in central Europe that includes natural gas transportation and processing infrastructure, a portfolio of exploration and development prospects and a strong operating team.
In February 2023, EMOV became the largest shareholder of Nostrum Oil and Gas, UK-listed independent oil and gas company with assets in the Caspian region. EMOV acquired 18.9% of Nostrum's issued shares.
Nostrum’s primary production asset is the Chinarevskoye field in north-west Kazakhstan which was developed under a Production Sharing Agreement. Daily production of natural gas and condensate averaged 13,200 BOE/day in 2022.
The area covered by the Production Sharing Agreement is positioned at the crossroads of several regional pipelines where Nostrum also owns and operates an energy infrastructure hub. This hub consists of three fully-commissioned gas treatment units with a combined processing capacity of more than 10 million m3 /day and an oil treatment facility with a throughput capacity of 8,000 barrels per day.
Nostrum’s strategic infrastructure hub provides the critical processing, treatment, storage and transportation capabilities required to unlock additional oil and gas reserves in this resource-rich region.