The contract, which grants INA a 100 percent concession on petroleum and gas research and production in the next six years, was signed during a visit to Namibia by a delegation of INA, led by CEO Tomislav Dragicevic.
INA started operating in Namibia in late 2003, when it opened an office in this African country. At the pre-mining stage INA experts were expected to determine the prospects for the uninvestigated "Nama" basin covering some 90,000 square kilometres. Only three testing rigs have been set up in the basin, with an eruption of gas appearing on one rig.
INA holds three concessions on petroleum and gas research in Egypt and two in Syria, as well as shares in petroleum production in Angola, Egypt and Syria.