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Croatia Grants 10 Adriatic Energy Exploration Licences

Croatia's recent granting of 10 Adriatic energy exploration licences signals a pivotal move in its regional energy ambitions

Croatia has recently awarded exploration licences to three groups, marking a significant step in its ambition to become a prominent energy supplier in the Adriatic region.

The consortium comprising Marathon Oil from Houston and Austria’s OMV secured seven out of the ten licences, while two were granted to INA, jointly owned by Croatia and Hungary’s MOL. Italy’s ENI and MEDOILGAS clinched the remaining licence, announced the national hydrocarbon agency.

The tender, encompassing 29 exploration blocks of varying sizes, attracted bids from six contenders. Economy Minister Ivan Vrdoljak disclosed that investments in these exploration activities are estimated at around 523 million euros ($629 million). Contracts are slated for signing by April 2, with the exploration phase expected to span up to five years.

Croatia envisions itself as a pivotal energy hub in the region, with the potential to offer the most cost-effective gas.

While no environmental impact study has been conducted yet, the economy ministry assured that firms conducting drilling operations would be held to rigorous environmental safety standards.

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