Recently published research from Business Monitor International, "Croatia Oil & Gas Report Q2 2014", is now available at Fast Market Research

Boston, MA -- (SBWire) -- 04/02/2014 --Croatia is expected to launch a licensing round for offshore gas and oil exploration in the central and southern Adriatic by Q214. This comes after a survey revealed promising deposits of oil and gas in the region, according to Croatia's Economy Minister Ivan Vrdoljak. Before promoting the licensing round, the country will define the concession blocks that will be put on offer to the companies interested in exploration activities in the Adriatic.

The main trends and developments in Croatia's oil and gas sector are:

In spite of the recent exploration success by INA, which should slow the decline in domestic oil production over the medium term, there is little immediate prospect of major oil accumulations being found and developed. Based on our new forecast methodology, in 2014, crude and liquids oil production is forecast to come in at 19,450b/d, slipping to 17,170b/d by 2023. Consumption of refined products is set to rise more slowly than underlying economic growth, reaching 111,350b/d by 2023. Nameplate refining capacity in 2014 is estimated to be 250,000b/d. Refineries, however, are operating at a utilisation rate of 40% giving total refined products production 97,640b/d. By the end of our forecast period this is estimated to fall to 89,000b/d. Because total consumption is estimated to be 91,800b/d there is a theoretical net import need of 5,840b/d of refined products.

View Full Report Details and Table of Contents

Croatia's chance to reverse its declining gas production will more likely come from offshore exploration in the Adriatic Sea, which could unlock new sources of supply that would benefit Croatia and its neighbours. Croatia is quickly moving in that direction. Seismic surveys are already underway, with Spectrum carrying out 2-D offshore surveys in both the northern and southern parts of the Croatian Adriatic Sea. Spectrum announced optimistic findings from these surveys, confirming the North Adriatic offshore zone as a promising area for oil and gas. The seismic data will be fully processed in Q1 2014 with a licensing round to open within Q2 2014 according to Spectrum.

Croatia, Hungary and Ukraine have reached an agreement to expand their existing pipelines to create a corridor that will carry natural gas through the three countries and connect to the planned Trans Adriatic Pipeline (TAP) in Southern Europe. In Croatia, the corridor would also connect to a planned liquefied natural gas (LNG) terminal on the island of Krk.

About Fast Market Research
Fast Market Research is a leading distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff is always available to help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.

Browse all Energy research reports at Fast Market Research

You may also be interested in these related reports:

- Gazprom Oil & Gas Exploration and Production Operations and Cost Analysis - Q2, 2013
- Lightstream Resources Ltd. Oil & Gas Exploration and Production Operations and Cost Analysis - Q2, 2013
- Pioneer Southwest Energy Partners L.P. Oil & Gas Exploration and Production Operations and Cost Analysis - Q2, 2013
- Sure Energy Inc. Oil & Gas Exploration and Production Operations and Cost Analysis - Q2, 2013
- Gran Tierra Energy Inc. Oil & Gas Exploration and Production Operations and Cost Analysis - Q2, 2013
- Comstock Resources, Inc. Oil & Gas Exploration and Production Operations and Cost Analysis - Q2, 2013
- TriOil Resources Limited Oil & Gas Exploration and Production Operations and Cost Analysis - Q2, 2013
- Crimson Exploration Inc. Oil & Gas Exploration and Production Operations and Cost Analysis - Q2, 2013
- Bonavista Energy Corporation Oil & Gas Exploration and Production Operations and Cost Analysis - Q2, 2013
- Novus Energy Inc. Oil & Gas Exploration and Production Operations and Cost Analysis - Q2, 2013