Three agreements on onshore oil and gas exploration and production sharing, in line with a recent decision of the Croatian Government were signed by Croatian oil company INA. The statement from the company said that these agreements grant exploration rights to INA for blocks DR-03, SZH-01 and DI14 for a period of three years with an option to extend it for another two years. In case of commercial discovery, further 20 years of hydrocarbon exploitation period will follow.
The three blocks include the DI-14 block in the Dinarides, the Drava 2 exploration block in the Podravina area and the Sjeverozapadna Hrvatska-01 block in northwestern Croatia in the Pannonian Basin.
The announcement follows a decision adopted by the Government earlier this month, authorizing the Ministry of Energy to sign seven onshore oil and gas exploration and production sharing agreements with four companies, including the above three agreements with INA, two contracts with local wholesaler and fuel retailer Crodux Derivati Dva and contracts for one block each with Vermilion Zagreb Exploration, a subsidiary of Canada-based Vermilion Energy, and with Hungarian firm Aspect Croatia.
