Croatia adopted decisions on issuing licenses for the exploration and production of hydrocarbons at six onshore exploration blocks. Credit: Pixabay.

The Government of the Republic of Croatia has awarded six onshore oil and gas exploration licences in the Pannonian Basin.

Croatian energy company INA has been awarded exploration licences for exploration blocks Drava-03 and North-Western Croatia-01. Crodux Derivati will carry out exploration works in Sava-11 and Sava-12 exploration blocks.

Canada-based Vermilion Zagreb Exploration has secured a licence for exploration and production in the Sava-07 exploration block while Aspect Croatia was awarded an exploration licence for the Sava-06 exploration block.

The four companies have submitted bids for six sites offered in the tender, which spread across more than 14,000km² in the Pannonian Basin.

The companies competed in the government’s second tender for the exploration and production of hydrocarbons, which was opened in October 2018.

A total of 25 new exploration wells are proposed as part of the new cycle of onshore exploration, for which Croatia has awarded licences.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The exploration is already underway in Eastern Slavonia and there are plans to drill around 30 new wells in the Pannonian Basin over the next five years.

The Republic of Croatia is focused on further developing energy projects, with an emphasis on revitalising domestic oil and gas production.

In June 2016, Croatia signed five onshore production sharing agreements for the exploration and exploitation of hydrocarbons.

The exploration period will last five years and may extend to 25 years in the event of commercial discovery.

The government said exploration activities will engage investments worth €88m while the potential net revenue for the state budget for potential exploitation is estimated to reach between HRK3.4bn and HRK6.8bn on an annual basis, based on the proven oil and gas reserves.