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Croatia signs contracts for onshore oil and gas exploration

Published 2016-06-10, 10:45 a/m
Updated 2016-06-10, 10:50 a/m
© Reuters. Croatia signs contracts for onshore oil and gas exploration

ZAGREB, June 10 (Reuters) - Croatia signed contracts on
Friday with one local firm and one Canadian company that had
been awarded onshore oil and gas exploration blocks in the north
and east of the country.
Zagreb awarded four exploration blocks to Canada's Vermilion
VET.TO and one block to Croatia's energy firm INA INA.ZA ,
whose biggest shareholder is Hungary's MOL MOLB.BU , in June
last year.
"We have secured an investment worth 500 million kuna ($75
million) and much more if oil or gas are found. Croatia needs
investments and this is a step towards a better investment
climate," Prime Minister Tihomir Oreskovic told reporters.
The exploration period will last five years and the
concession for exploitation will be valid for 25 years in the
case of a commercially viable discovery.
Another concession was awarded to Nigeria's Oando Plc
OANDO.LG and that contract is due to be signed next week.
Economy Minister Tomislav Panenic said he planned to
announce another round of tenders for onshore oil and gas
exploration, possibly next month.
Under the previous government, Croatia was preparing to
award offshore exploration and drilling licences in the Adriatic
but the new centre-right government stopped them amid concerns
they might harm the country's lucrative tourist industry.
"There are no plans for oil exploration in the Adriatic,"
Panenic said.
($1 = 6.6687 kuna)

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