Home » Business » Ministry: Adriatic Oil & Gas Exploration to Genrate Billions to Economy

Ministry: Adriatic Oil & Gas Exploration to Genrate Billions to Economy

CroatiaCroatia’s Economy Minister Ivan Vrdoljak has addressed the media on Monday to announce the public tender for the concession to explore Croatia’s Adriatic coast for oil and gas…

In April Vrdoljak’s Ministry will offer investors 29 sections of the Adriatic. The Ministry of Economy, who have set up a special hydrocarbons Agency to manage the tender process, estimates that earnings from the exploration for the state will be ten times higher than originally forecast, with up to 3.8 billion kuna (500 million EUR) annually predicted under the new model.

“We have done an analysis and offered a competitive price compared to other countries in the region,” said Vrdoljak, who expects Croatia to benefit to the tune of hundreds of millions of euros a year. First exploration operations are expected to start in about one year’s time, with the first extraction for gas and oil not starting for at least five years.

“We estimate that for every field (29 in total) two platforms, which cost around 40 million USD each, will be needed. This is a great opportunity for our industry and shipyards,” said the Economy Minister.

Norwegian seismic imaging services company Spectrum Geo2  completed 2D seismic surveys of oil and gas reserves along 15,000 kilometres of Croatia’s Adriatic sea last year and a data room of all results from the seismic imaging will be made available to all interested parties this month.

Share on:
0 / 5 (0 votes)

Sign up to receive the Croatia Week Newsletter

Related Posts

Zagreb’s Famous Funicular 124 Years Old Today

On this day, 23 April, 124 years ago, the funicular in the Croatian capital was first put into operation. Today the funicular, situated in Tomić Street, connecting Ilica Street (Donji Grad) with Strossmayerovo šetalište (Strossmayer promenade) to the north (Gornji Grad), is one of the cities recognisable attractions. Its 66-metre (217 ft) track makes it...

[VIDEO] 350th Anniversary of Naming & Tying the Cravat

This year Academia Cravatica marks the 350th anniversary of naming the cravat (necktie) which was first worn by Croatian soldiers. This year, Academia Cravatica commemorated the 350th anniversary of the restructuring of the Royal Cravates Regiment on 20 May 2017 on St. Mark’s Square in Zagreb. Today, on 21 June 2017, which is an important...

Snakes in Croatia

Are there snakes in Croatia? The answer is yes, but not many are in fact poisonous. There are around 15 different varieties of snakes living in Croatia, but only three of those are venomous. However, there are a number of factors which play a part in the effectiveness of the poison, including the size of...

First Crowdfunded Holiday Home in Croatia Goes Live on Indiegogo

A unique project – the building of a luxury holiday home in the Mediterranean for everyone to enjoy – has gone live on crowdfunding platform Indiegogo. The Heart of Istria project is the first ever crowdfunded holiday home. Heart of Istria will look to raise $560,000 via crowdfunding to build a luxury holiday home in...

[VIDEO] Croatian Fishermen Catch Giant Stingray

Two fishermen in Croatia have caught a gigantic stingray a few miles off the coast of the small island of Glavat on the southern Dalmatian coast. The two fishermen, Marko and Andrija from the island of Korčula who were on board Marko’s boat Adriana, were out trawling at a depth of around 160 metres when...