Croatia’s first offshore license round opens

Posted on 03 April 2014

Croatia’s Minister of Economy Ivan Vrdoljak has opened Croatia’s first offshore license round in Zagreb, Croatia, in the presence of representatives from more than 30 international oil and gas companies and many oil industry experts and dignitaries.

The offshore license round comprises a total area of 36,823 sq km divided into 29 blocks with all 29 blocks available in the license round. The fiscal terms are based on a production sharing agreement model with a 5-year exploration phase and a 25-year production phase. Bids are due on 3 November.

“Croatia has offshore production, however, more importantly (Croatia) remains highly underexplored and presents excellent potential for substantial oil and gas discoveries,” Mr Vrdoljak stated. “Over the past year, we took the necessary steps to establish the hydrocarbon regulatory and fiscal framework, plus streamlined bureaucracy and removed obstacles to investment so that oil industry investors can now focus on exploration and production of hydrocarbons.”

“We are continuing with our outreach to oil and gas companies by hosting a Croatia Road Show next week at the Houston AAPG convention,” said Barbara Dorić, acting President of the Croatian Hydrocarbon Agency. “Our offshore data room is open, and we are working to open our onshore data room in the near future for an upcoming onshore license round.”

The Croatian Hydrocarbon Agency is responsible on behalf of the relevant governmental ministries and institutions for the exploration and exploitation of onshore and offshore hydrocarbons and storage of natural gas in the Republic of Croatia.

Click here for further information on the Croatian Hydrocarbon Agency.

 

Leave a Reply

*

FEATURED MICROSITES


Recent Drilling News

  • 17 December 2014

    Saudi Aramco: Four factors for a sustainable drilling business

    Despite the modest growth in demand and drop in oil prices today, the long-term outlook for industry is healthy. “Our industry will need to add around 40 million bbl per day for new capacity...

  • 16 December 2014

    Ensco development program produces driller in 3 years

    Ensco’s Accelerated Development Program (ADP) takes a “green” individual and, within a three-year period, trains them to become a driller. In response to personnel shortages in various areas, including drilling...

  • 16 December 2014

    Saudi Aramco: ‘Industry cannot afford to lose talent when the economy is down’

    Industry is facing a human resources challenge in two areas: the ageing workforce and the shortage of skills, Mohammed Al Sellemi...

  • 16 December 2014

    Nanotechnology has potential to improve tool performance in extreme environments

    In terms of temperature stability and corrosion, tools have limitations, especially in extremely challenging drilling environments. Jothibasu Ramasamy...

  • 16 December 2014

    Colville: WCI provides forum to evaluate practical, economical advances in well control practices

    Major players throughout industry are joining forces under the Well Control Institute (WCI). The mandate of WCI is “to provide the definitive forum...

  • Read more news