Canada’s Vermilion to drill exploration wells in CEE

Energy Trade

Canada-based international oil and gas producer Vermilion Energy will drill its first two exploration wells in Croatia in June, followed by others in Hungary and Slovakia, a senior official from the company was cited as saying by news wire Reuters.

Vermilion won four licenses in 2015 for oil and gas exploration in Croatia’s flat northeast areas and the drilling will take place on one of these. Croatia is currently running two new tenders for oil and gas exploration in the north and in the mountainous southern region. They are open until June and September, respectively.

Vermilion also has a presence in Slovakia and Hungary. Bryan Sralla, who heads the unit for Central and Eastern Europe, told Reuters the company plans to drill four wells in Hungary this year, two in partnership with Hungary’s MOL, and four wells in Slovakia in partnership with Slovakian energy company Nafta.

"We see encouraging signs of natural gas potential in these countries," he said, adding that the drilling results were likely to be announced in the early fall.

Sralla added that Vermilion could expand into other CEE countries as the company is evaluating investment opportunities across the region.

ADVERTISEMENT

European e-commerce soars during pandemic - study Analysis

European e-commerce soars during pandemic - study

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Chain Bridge to be closed for traffic for 18 months City

Chain Bridge to be closed for traffic for 18 months

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.