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

  • 26 November 2014

    US EIA: Increase in energy demand requires 33 million bbl/day more oil

    The world is going to need one-third more oil between 2010 and 2040, with developing countries, such as China and India, accounting for a major portion in the increase in...

  • 25 November 2014

    Prescriptive Analytics prescribes how to complete wells to maximize production

    "Big data" is taking on a new role in industry, where companies are combining the findings from geology and geophysics with new data collected from advanced technologies...

  • 25 November 2014

    Petrobras completes drilling first appraisal well in Libra Consortium

    Petrobras recently completed drilling the first appraisal well in the Libra area, the 3-BRSA-1255 (3-RJS-731), known as NW1. Located in the Northwest portion of the Libra block, in the pre-salt layer of the...

  • 24 November 2014

    Ensign secures contracts for 2 ADR 1500S pad drill rigs in Montney area

    Ensign Energy Services has signed contracts for two of its new ADR 1500S pad drill rigs for a major operator in the Montney area of northeast British Columbia...

  • 21 November 2014

    Statoil cancels Stena Carron rig contract offshore Angola

    Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola...

  • Read more news