Market Report, "Croatia Oil & Gas Report Q1 2014", published
New Energy market report from Business Monitor International: "Croatia Oil & Gas Report Q1 2014"
[USPRwire, Fri Dec 27 2013] Uncertainty over the future of INA continues to persist. In October 2013, Hungarian Prime Minister Viktor Orban Croatia said that the country should consider purchasing the near-50 % stake that oil and gas group MOL holds in INA to prevent damage to bilateral relations. Meanwhile, the country is planning a licensing round for 2014 in an effort to boost exploration activity. Question marks still hang over the proposed liquefied natural gas terminals, although Croatia is keen both to diversify the import supply and potentially build a gas trading hub. In this light, we see positively the recent agreement reached by the country with Hungary and Ukraine to build a new gas corridor connecting to the Trans Adriatic Pipeline.
The main trends and developments in Croatia's oil and gas sector are:
* Croatia is set to launch a licensing round in 2014. Economy Minister Ivan Vrdoljak announced the country's intention to further open acreage for exploration, and hopes to 'secure several hundred millions of US dollars' from new contracts signed. This is likely to take place after the government maps out prospects both onshore in the central and northern areas, and offshore in the southern Adriatic Sea, a procedure that Vrdoljak estimates will take six months. Vrdoljak also suggested that Croatia would offer 15 to 20 fields in the Adriatic that is at least 2,000 square kilometres (sq km) large to meet the request of interested parties.
* Gas from the Adriatic and onshore fields should deliver useful domestic volumes over the next few years.
* Croatia, Hungary and Ukraine have reached an agreement to expand their existing pipelines to create a corridor that will carry natural gas through the three countries and connect to the planned Trans Adriatic Pipeline (TAP) in Southern Europe. In Croatia, the corridor would also connect to a planned liquefied natural gas (LNG) terminal on the island of Krk. An official declaration establishing the corridor is expected to be signed by the three countries' leaders in Kiev in early November.
* The government of Croatia is planning to construct its own LNG terminal in the northern Adriatic, reports Reuters, citing a statement by Deputy Prime Minister Radimir Cacic on June 3 2012. The terminal, which is likely to cost EUR600mn (US$755mn), is expected to become operational in 2016. Of the total investment, 25% is expected to come from EU development funds, Cacic said. The LNG Hrvatska consortium has been created to build the terminal, which will have an initial capacity of 5bcm of gas per year.
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