GOVERNMENT: Adopts Decisions Enabling Oil and Gas Exploration in Adriatic
31 March 2014, LPJ Croatia Issue 78
On 28 March, the government adopted three decisions authorising a public bidding process for permits to perform hydrocarbons exploration and exploitation in the Croatian Adriatic. The corresponding tender will be issued on 2 April.
An expert government commission will execute the bidding process and evaluate the bids. Interested companies will be required to submit their offers within a period of six months, after which the commission will have two months to award permits.
Furthermore, bidders will be obliged to provide a €500,000 bank guarantee and a plan outlining the minimum investment in their seismic exploration, as well as propose the number of bore holes and pay a contract-signing fee. Deputy Economy Minister Alen Leveric reminded that 29 exploration fields had been identified in the Croatian Adriatic and that more than 20 companies have so far expressed interest…