New Energy research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 08/14/2013 -- INA privatisation may be on the backburner, even though the government's coffers would benefit from the proceeds. 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, but there are no immediate signs of other international oil companies (IOCs) pulling out of Croatia.
The main trends and developments in Croatia's Oil and Gas sector are:
- 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 3.0bcm in 2012 to 4.0bcm by 2017, then to 5.1bcm by 2022, requiring end-period annual net imports of up to 3.1bcm - possibly met by liquefied natural gas (LNG) imports.
- cOMV 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.
- Croatia's Ministry of Economy has started talks with international companies interested in oil and gas exploration projects in the Croatian part of the Adriatic Sea, reports Natural Gas Europe. US-based ExxonMobil and ConocoPhillips are awaiting the passage of a revised hydrocarbons research law before taking up any new projects, according to Croatian Economy Minister Ivan Vrdoljak. Under the current mining act, the Ministry of Economy regulates the exploration and exploitation of all mineral reserves, including hydrocarbons.
- 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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