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Southeastern Europe Energy Advisory

This week we are focusing on some potential opportunities opening up in an area that gets little attention and largely flies under the oil and gas radar.

Croatia to offer up offshore Adriatic blocks

Croatia, which joined the European Union in July, is preparing to publish tenders for offshore oil and gas exploration in the central and southern Adriatic Sea in the second quarter of this year, with the first drilling permits likely to be awarded in 2015. The government plans to open the data room in February for interested companies.

Norway’s Spectrum just completed a five-month seismic survey of 15,000 kilometers of long-offset 2D data. According to Spectrum, the survey shows that Croatia’s deposits could be similar to those in neighboring Italy, which has more than 1,100 offshore wells. More specifically, the Italian region of the Adriatic has about 180 drilling platforms, while the Croatian region, which is believed to be equally prospective with the same geological structures, has only 14.

“It has proven hydrocarbon systems, moderate water depths, existing infrastructure, underexplored open acreage – and all in close proximity to major energy markets. Early results from processed data already indicate new, untested hydrocarbon systems and plays,” Spectrum noted.

So far, some 20 companies have expressed interest in the first round of licensing, including Exxon Mobil, Total, Marathon Oil and Italy’s Eni, which…

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