Croatia’s Minister of Economy Ivan Vrdoljak officially opened Croatia’s first offshore license round April 2. The license round was opened in Zagreb, Croatia in the presence of representatives from over thirty international oil and gas companies and many oil industry experts and dignitaries.
Croatia’s first offshore license round comprises a total area of 14,217 square miles (36,823 square kilometers) divided into 29 blocks. All 29 blocks are 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 Nov. 3 at 14:00 hours CET.
Minister Ivan Vrdoljak stated, “Opening Croatia to oil and gas investments has been and is, my number one priority. Croatia has offshore production however more importantly remains highly underexplored and presents excellent potential for substantial oil and gas discoveries. 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.”
Barbara Dorić the acting President of the Croatian Hydrocarbon Agency added, “We are continuing with our outreach to oil and gas companies by hosting a Croatia Road Show next week at the Houston AAPG convention. 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. For all information on the offshore license round and future updates please visit our website at email@example.com.”
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.
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