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Oil and gas exploitation could annually bring up to HRK 6bn to state budget

Author: vmic
ZAGREB, June 8 (Hina) - Seismic scanning of continental parts of Croatia for oil and gas can be expected already next year and preliminary drillings in 2017, while exploitation is expected to start five years from now, and according to some projections, onshore oil and gas exploitation could annually bring between 3 and 6 billion kuna in net revenue to the state budget, Barbara Doric of the Hydrocarbons Agency said on Monday.

Doric was speaking at a panel discussion on the strategic environmental impact study and the draft framework plan for onshore hydrocarbon exploration and exploitation in Zagreb, which brought together about 20 people interested in this topic.

She said that there was proof of oil and gas reserves in continental Croatia and that the latest study would provide fresh impetus to the oil and gas industry which has been on the decline for years. She added that licences had only just been awarded and that contracts with the concessionaires could be signed within the next three months, after which initial seismic scans could be done next year and preliminary drillings could start in 2017.

"The entire procedure for onshore oil and gas exploration and exploitation will go much more easily and quickly than offshore exploration. I am sure we will get initial results much sooner than was the case with the Adriatic. We could have them as early as three years from now, while the exploitation itself could start five years from now," Doric said.

Doric said that the onshore hydrocarbon exploration and exploitation process was one of the economically most important projects for the future of Croatia. The exploration period is planned for five years, while the exploitation period would last 25 years.

The discussion heard that the government would have multiple benefits from foreign direct investment and job creation. It was also said that from 2007 to 2013 domestic oil production had dropped by 28% and gas production by 34%.

(Hina) vm

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