BELGRADE, April 2 (RIA Novosti) - Croatia launched a tender on Wednesday to start geologic exploration followed by possible oil and gas extraction on the Adriatic shelf, according to a statement issued by the country's Economic Ministry.
The area up for tender covers 29 blocks totaling up to 1,600 square kilometers. Applications close on November 3. The local authorities will then take a month for candidate review and will sign the respective partner contracts by March next year.
The exploration period is limited to five years with no more than two six-month extensions possible if properly justified by the investor. The exploration and extraction permit will be issued for 30 years upon signing the partner agreement.
The launch of the tender will include a working conference in Zagreb, where Economic Minister Ivan Vrdoljak, oil industry representatives and other experts will discuss legal and other aspects associated with hydrocarbon exploration and extraction projects, investment security provisions and the country's prospects to become a regional energy hub.
On March 10 the government granted access to potential investors for seismic measurements of the Croatian part of the Adriatic shelf, previously carried out by the local oil and gas company Ina followed by a survey from the Norwegian company Spectrum. Fifty companies have indicated interest in the data so far on conditions of anonymity.
