The Calgary-based company has been in oil and gas for 20 years, achieving outstanding results, the embassy said in a press release.
The contracts envisage oil and gas exploration and exploitation in four Croatian counties. Vermilion Energy was given an exploration permit in June 2015. The Canadian investment will contribute to the improvement of the economic situation in Croatia regarding revenues, employment, skill development and technology transfer, it was said.
The decision shows that Croatia welcomes foreign investments and that it is dedicated to the strengthening of Europe's energy security, Ambassador Daniel Maksymiuk said.
To my knowledge, exploration on land has widespread support among Croatian parties and the approval of these contracts shows the determination of Prime Minister Tihomir Oreskovic and his ministers to achieve results, he said, thanking the Croatian Hydrocarbon Agency for its support during this process.
Maksymiuk said he believed this success would be an important example to other Canadian investors considering Croatia as a country to invest in.
The government yesterday gave its consent for contracts on hydrocarbon exploration and exploitation on land at six locations. Economy Minister Tomislav Panenic was authorised to sign a contract with Croatia's INA and Nigeria's Oando PLC for one field each and with Canada's Vermilion for four. He said the contracts were important for Croatia because they envisaged investments worth EUR 88 million. "I expect the exploration to kickstart the local economy and create jobs, notably in Slavonia."