A new step towards exploitation of hydrocarbons in the Adriatic

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The Croatian Government rendered three decisions which regulate tendering for the issuance of license for the exploration and exploitation of hydrocarbons in the Adriatic and tender publishing on April, 2.

Around 20 companies have so far been granted access to the data room containing seismic data for the Croatian Adriatic.

Tendering for the issuance of license for the exploration and exploitation of hydrocarbons in the Adriatic will be carried out by collecting, examining and evaluating bids of interested economic operators and by issuance of mining licenses for the exploration and exploitation of hydrocarbons in the Adriatic to the selected bidders (Investors), which will enter into an agreement referred to in Section 22 of the Act on the exploration and exploitation of hydrocarbons.

Offers are made at the expense of the bidder in the Croatian language and Latin script or the English language with a certified translation into the Croatian language, all in a single original, seven copies and one electronic copy.

The deadline for the bids will expire no sooner than six months as of the publication of the tender procedure, and bid must be submitted in writing, in a sealed envelope, duly addressed to the Ministry of Economy.

The expert committee for the public tender for the exploration and exploitation of hydrocarbons will open and review bids and recommend to the Croatian Government to issue licences to the selected bidders within no more than two months from the date of the deadline for the submission of bids. The relevant agreement will be executed with the selected bidder following a successful conclusion of the negotiations within no more than three months from the date of license issuance.