Government Allows Oil And Gas Exploration On Croatian Coast

Last month Croatia Week reported that American oil giants ExxonMobil had expressed an interest in the exploration and exploitation of oil and gas on Croatia’s Adriatic coast, now the Croatian government have made that possibly by unanimously accepting a new law in parliament on Thursday.

“When we presented our intentions they (ExxonMobil) showed interest in coming to Croatia for the exploration and exploitation of oil and gas on our Adriatic coast,” said Minister of Economy Ivan Vrdoljak last month whilst on an official visit to America.

The change in the Hydrocarbons Act, which was unanimously accepted on Thursday and will ‘allow a higher degree of legal certainty and flexibility in the implementation of mining projects’, will now allow the possibility of obtaining concessions for the exploitation of oil and gas through public bidding in Croatia. Investors will be obliged to comply with all regulations regarding the protection of nature and the environment.