ZAGREB, Croatia -- Croatia’s Minister of Economy, Ivan Vrdoljak, has officially opened the country’s first offshore licensing round. The licensing 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 licensing round comprises a total area of 36,823 sq km divided into 29 blocks. All 29 blocks are available in the 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 on November 3 at 14:00 hours CET.
Minister Vrdoljak stated, “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 Doric 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.”
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.
04/02/2014
SOURCE
