Canada's Vermilion Energy will drill its first two exploration wells in Croatia in June, a senior official from the company said on April 15. Vermilion won four licenses in 2015 for oil and gas exploration in Croatia's flat northeastern areas and the drilling will take place on one of these.
"Although we see evidence of gas charge from the new seismic data we have acquired, we'll not know for sure whether any of this is commercially producible until after these initial wells are completed," Bryan Sralla, who heads the unit for central and eastern Europe, told Reuters.
He added that would probably be during mid to late July.
Croatia is currently running two new tenders for oil and gas exploration in the north and in the mountainous southern region. . They are open until June and September, respectively.
Sralla said Vermilion was still considering whether to participate.
"Our team is evaluating the potential of all the Croatian licenses on offer, but we have not yet made a decision whether we will bid on any," he said.
"Our internal executive review is scheduled for late May. I'm hopeful our team will identify some potential," he added.
In an interview with Reuters last week a senior official at Croatian energy firm INA said it planned to bid for several exploration blocks in the north, but was still considering options for the south.
Vermilion also has a presence in Slovakia and Hungary.
Sralla said the company planned to drill four wells in Hungary this year, two in partnership with Hungary's MOL , and four wells in Slovakia in partnership with Slovakian energy company Nafta.
"We see encouraging signs of natural gas potential in these countries," he said, adding that the drilling results were likely to be announced in the early autumn.
Sralla also said Vermilion could expand into other central and eastern Europe countries as the company was evaluating investment opportunities across the region.
Recommended Reading
Exxon Mobil Green-lights $12.7B Whiptail Project Offshore Guyana
2024-04-12 - Exxon Mobil’s sixth development in the Stabroek Block will add 250,000 bbl/d capacity when it starts production in 2027.
Exxon Ups Mammoth Offshore Guyana Production by Another 100,000 bbl/d
2024-04-15 - Exxon Mobil, which took a final investment decision on its Whiptail development on April 12, now estimates its six offshore Guyana projects will average gross production of 1.3 MMbbl/d by 2027.
Deepwater Roundup 2024: Americas
2024-04-23 - The final part of Hart Energy E&P’s Deepwater Roundup focuses on projects coming online in the Americas from 2023 until the end of the decade.
TotalEnergies Reserves Hull for Development Offshore Suriname
2024-06-07 - TotalEnergies operates Block 58, with partner APA Corp., and expects to make a final investment decision in fourth quarter 2024, while initial production is slated for 2028.
Petrobras Not in a Race with Guyana to Boost Production, CEO Says
2024-05-14 - While Brazil and Guyana aren’t necessarily competing to see which country can produce more oil, Petrobras’ CEO Jean Paul Prates jokingly said Brazil was winning, while adding that Bolivia’s falling production was an opportunity for Argentina.