Five companies have been awarded licenses covering 10 exploration blocks in the Adriatic Sea in Croatia's first licensing round.

The round had offered 29 blocks in the eastern Adriatic Sea covering a total of 36,822sq km. Bids were received from six companies for 15 exploration areas.

A consortium of bidders comprising Marathon Oil and OMV was granted a license for the exploration and exploitation of hydrocarbons in seven exploration blocks. The assigned exploration blocks are North Adriatic 8, Central Adriatic 10, Central Adriatic 11, Central Adriatic 22, Central Adriatic 23, South Adriatic 27 and South Adriatic 28.

A consortium of bidders comprising ENI and MEDOILGAS was granted a license for the exploration and exploitation of hydrocarbons in one exploration block, Central Adriatic 9.

INA – Industrija nafte d.d. was granted a license for the exploration and exploitation of hydrocarbons in two exploration blocks, South Adriatic 25 and South Adriatic 26.

The round was Croatia’s first offshore bid round, following the establishment of the country’s first hydrocarbon law in July 2013. The new law and subsequent Production Sharing Contracts (PSC’s) will include a combination of royalties and tax regimes taken from other European countries with a successful hydrocarbon industry.

Offshore Croatia is underexplored with known plays including the Pliocene gas plays of the northern and central Adriatic, and Pre-Tertiary oil plays of the southern Adriatic, according to Deloitte Petroleum Services.

The majority of the blocks offered fall within the Dinaric Basin, however the most northerly blocks offered span part of the Po Basin, whilst the western parts of the shallow and medium water blocks enter the Northern Apennine Basin.

New multi-client 2D seismic data was shot by Spectrum, covering 35,000sq km, in Q3 2013, with processing finished early 2014. An existing seismic database was also available containing 75,000km of 2D 1968-1989 vintage data.

The final deadline for signing PSAs 2 April 2015, said the President of the Management Board of the Croatian Hydrocarbon Agency, Barbara Doric.

Source: www.oedigital.com

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