On 25 November 2015, the Hungarian government announced that a total of eight licences had been awarded to four operators. Sand Hill Petroleum (trading in Hungary as Oil & Gas Developments) took four of the concessions awarded. MOL, the part-state-owned incumbent which dominates the upstream sector in Hungary, was awarded two licences, while Hungarian Horizon Energy and Bankers Petroleum were awarded one licence each. The licensing round has been more successful than expected; the awarding of eight out of nine licences, and the entrance of two new companies into the upstream sector is very welcome news. The new licences all lie in the Pannonian Basin, and many of them surround producing oil and gas fields (which are not included in the offered licences) and/or hold depleted oil and gas fields.