Croatia:267 million tons of barrels of oil reserves equivalents

Published on 10. October 2013., SEE Energy News

President of the Croatian Society of Petroleum Engineers and Geologists, Mirko Zelic, on the Energy Conference at the Zagreb Fair, confirmed that the Croatian potential of oil and gas extraction, also after 60 years of intensive exploitation was still significant, so the state could achieve great benefits from its hydrocarbon reserves.

He also noted that the state had 267 million tons of barrels of oil equivalents, and that were extracted reserves. From that amount 69 % refers to oil and 31% to gas. If the calculated value is 100USD per one barrel, recoverable oil reserves reach a market value of 132 billion dollar, while gas reserves with a price of 0,545 USD/m3 worth 54 billion dollars. In his opinion, the state should establish an agency for hydrocarbons research that would take over the similar work about concessions, control of concessions and alike.

He believes that Croatia has made ​​a mistake by giving business of 120.000 km2 record with a 2-D seismic to the Norwegian company Spectrum Geo because by the 2-D seismic has already been recorded 58.000 km2, and the 3-D seismic data was done on 10.000 km2. According to Zelic, these data are sufficient that state could save time and start the tender invitation for the concession. Zeljko Tremac from Ina announced that the company had a lot of difficulties bringing the new fields to exploitation because the state needed a long time to issue all necessary permits, even three years. After that two and a half years ago lost the research right in three investigation areas, Ina will remain without last investigative units at the end of this year, and they are ready to answer the call for concessions that the government will announce.

Source: Serbia Energy See desk