• 4 minutes US-backed coup in Venezuela not so smooth
  • 7 minutes Why Trump will win the wall fight
  • 11 minutes Oil imports by countries
  • 13 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 6 hours Climate Change: A Summer of Storms and Smog Is Coming
  • 5 hours Tension On The Edge: Pakistan Urges U.N. To Intervene Over Kashmir Tension With India
  • 6 hours The Quick Read On MBS's Tour of Pakistan, India And China
  • 7 hours Iran Starts Gulf War Games, To Test Submarine-Launched Missiles
  • 6 hours BMW to add 2,000 more jobs at Dingolfing plant
  • 5 hours Teens For Climate: Swedish Student Leader Wins EU Pledge To Spend Billions On Climate
  • 22 hours Itt looks like natural gas may be at its lowest price ever.
  • 8 hours Saudi A to Splash $100 Bln on India
  • 7 hours Venezuela: Nicolas Maduro closes border with Brazil
  • 1 hour Washington Eyes Crackdown On OPEC
  • 1 day Amazon’s Exit Could Scare Off Tech Companies From New York
  • 16 hours NEW FERUKA REFINERY
  • 3 hours Indian Oil Signs First Annual Deal For U.S. OilIndian Oil Signs First Annual Deal For U.S. Oil
Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Croatia Launches Oil Exploration with 5 Blocks, $75M Investment

Adriatic Sea Exploration

After sidelining offshore exploration in the Adriatic Sea, the Croatian government has awarded two firms contracts for four onshore oil and gas exploration blocks in the country’s north and east, securing an initial $75 million in investment.

Four blocks went to Alberta-based Vermillion and one block went to the firm INA, of which Zagreb holds a sizable amount of shares that do not constitute a majority stake. The Croatian company’s biggest shareholder is Hungarian MOL.

"We have secured an investment worth 500 million kuna ($75 million) and much more if oil or gas are found,” Prime Minister Tihomir Oreskovic told reporters at a press event.

"Croatia needs investments and this is a step towards a better investment climate.”

The contract allows the two companies to explore the blocks for a period of five years and gives them concessions for 25 years if they discover commercially viable fields.

The Nigerian player Oando Pic also won concessions in a contract slated to be signed next week.

Led by the Minister of the Economy, Tomislav Panenic, the government will offer a series of new tenders, possible next month, according to Reuters.

Related: Grid Outages Are History With This Texan Innovation

Croatian officials under a previous executive administration had planned to offer offshore drilling contracts to companies interested in exploring the Adriatic Sea, but the new center-right government has taken a stand against the proposal, citing concerns that the ventures would disrupt the nation’s lucrative tourism sector.

"There are no plans for oil exploration in the Adriatic," Panenic said.

Krk, one of Croatia’s many islands, will host a floating liquefied natural gas (FLNG) terminal set to be completed in 2018. The hub will serve as a launch pad for deliveries to Central and Eastern European States in a time when the European Union seeks a new source of energy as its political fallout with Russia escalates.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News