October 19 (SeeNews) - Croatian integrated onshore and offshore drilling and well services contractor CROSCO has won a 3.5 million euro ($3.7 million) deal to construct a geothermal water exploratory well named Korenovo GT-1, the mayor of the town of Bjelovar, Dario Hrebak, said.
The deal is part of a pilot project introducing geothermal water as a source of district heating in Bjelovar, Hrebak wrote in a note on his Linkedin profile on Wednesday.
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"We expect to find water at a depth of up to 1,500 metres with a temperature of 70-80 degrees Celsius which we plan to use to heat the business zone Veliko Korenovo," he added.
Works will start in November and are expected to be completed in the early spring of 2024.
In future, further five to six similar geothermal wells are expected to be developed on the territory of the town to provide heating to residential buildings and public institutions.
"Our aim is for Bjelovar to become an energy self-sufficient and independent in the next 10 years," Hrebak said.
CROSCO is a member of Croatian oil and gas group INA [ZSE:INA].
INA’s shares traded flat at 450 euro intraday on Thursday.
($ = 0.949 euro)