Croatian oil and gas company INA Group and energy producer Vermilion Energy signed a deal to jointly explore oil and gas reserves in the SAVA-07 exploration site in Sisak-Moslavina county, INA said in a press release.
According to the deal, Vermilion will retain 60% of the share and maintain its position as operator of the block, while INA will have 40%.
Vermilion already conducted the acquisition of new geophysical data and geological interpretation of the site. Four new exploration wells will be drilled in 2024.
The agreement benefits both companies, as INA’s nearby oil and gas production infrastructure will be used under pre-agreed terms, potentially speeding up the permitting process.
-By signing the agreement, we are taking a significant step towards joint exploration and development on the SA-07 exploration block and expanding our exploration portfolio. Given that INA has all the necessary capacities, as well as many years of experience, we believe that this project will bring mutual benefits and contribute to the energy security of Croatia – Miroslav Skalicki, INA management board member said.
The deal is subject to approval by the Croatian government.
