Just Released: "Croatia Oil & Gas Report Q4 2013"

Boston, MA -- (SBWire) -- 10/10/2013 --Croatia has proposed talks with Hungary's MOL over the 'future and history' of jointly owned INA. There is some risk that MOL may sell all or part of its stake, particularly if it is criticised for its management of INA. 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 (LNG) terminals, although Croatia is keen both to diversify the import supply and potentially build a gas trading hub. OMV has exited the country's downstream segment, and other international oil companies (IOCs) may pull out Croatian downstream activities.

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. We believe output will peak at around 3.0bn cubic metres (bcm) in 2013/14. Consumption is forecast to rise from an estimated 2.9bcm in 2012 to 3.7bcm by 2017, then to 4.7bcm by 2022, requiring end-period annual net imports of up to 3.4bcm - possibly met by liquefied natural gas (LNG) imports.
- OMV has signed an agreement to sell its subsidiary OMV Hrvatska to Croatian company Crodux Plin - in line with its strategy of pursuing retail and commercial business only in markets where it has integrated supplies. OMV Hrvatska is a 100%-owned subsidiary and employs 63 staff members at its head office in Zagreb. It has 62 filling stations and a market share of around 13% in Croatia.
- The Poslovni Dnevnik daily has reported that Industrija nafte (INA) is considering separating its petrol stations into a new company which would consist of some 400 petrol stations and over 2,000 employees.
- 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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