Six oil firms apply for Adriatic Sea acreage

Croatia’s first public tender for the exploration and production of oil and gas in the Adriatic Sea closed yesterday at 2 p.m. local time.

Six oil companies submitted bids for fifteen exploration blocks.

Twenty nine exploration areas had been offered.

“We are satisfied with the received offers. These are serious companies with extensive experience, using the latest technology and meeting the most demanding environmental standards,” said Croatia’s economy minister Ivan Vrdoljak.

Croatian government is expected to deliver its final decision on selected bidders by the end of 2014. Production sharing contracts will be signed in the first quarter of 2015.

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