Croatia, INA is planning to invest almost 266 million euros in new wells and platforms

, SEE Energy News

Croatian oil company INA said that it is planning to invest almost 266 million euros in new wells and platforms in the northern Adriatic Sea in an effort to further strengthen the country’s energy security.

INA’s Director for oil and gas production Nikola Misetic said that the company will start a new drilling campaign in the northern Adriatic in September, for which almost 266 million euros has been allocated.

Last month, the Croatian Government urged INA to increase domestic oil and gas production in light of recent Russian invasion of Ukraine and current and future sanctions against Russia.

INA recorded a net profit in the amount of 77 million euros in the first quarter of 2022, compared to a profit of just 6.6 million euros in the same period last year. High hydrocarbon price levels have continued in the first quarter of 2022 reflecting the increased geopolitical risk and uncertainty regarding effects of sanctions on global energy markets. In such environment, results show a strong INA Group’s EBITDA in Q1 2022 amounting to more than 145.3 million euros.