Croatia receives seven bids for onshore hydrocarbons exploration, exploitation

By bne IntelliNews February 19, 2015

Croatia has received seven bids in a tender for onshore exploration and production of hydrocarbons in the north-eastern part of the country, the economy ministry said on February 18.

The ministry did not name the bidders, but said it was happy with the offers. Economy Minister Ivan Vrdoljak said the bidders are companies with great experience in using the latest technology which meet the most demanding environmental standards.

Vrdoljak added that the seven companies placed offers for all six tendered exploration fields, proposing 19 different operating programmes.

The offers will be assessed by April 18, while contracts are expected to be signed no later than July 18.

Licences will be granted for a period of up to 30 years, which comprises both the exploration and production period, according to the tender invitation issued in July last year. The exploration period is five years, but can be extended by six months a maximum of two times. The production period may be also extended following an application of the investor, which should be made at least 12 months before the licence expires.

Last month, Croatia awarded 10 licenses for hydrocarbons exploration and exploitation in the Adriatic Sea. The tenders are part of Croatia’s plan to become an energy hub in the South Eastern Europe. The Adriatic country also plans a LNG terminal in Omisalj, on the island of Krk, which is expected to be completed by 2020. It also participates in the Ionian-Adriatic Gas Pipeline (IAP) project that will also pass through Albania and Montenegro and is designed as a leg of the Trans Adriatic Pipeline (TAP), which was selected to bring natural gas from Azerbaijan’s Shah Deniz to Europe as an alternative to the Russian gas. 

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