March 8 (SeeNews) - Croatia’s oil and gas company INA Group [ZSE:INA] said it has signed a deal with Canada-based energy producer Vermilion Energy to jointly explore for oil and gas reserves in the SAVA-07 (SA-07) exploration site in Sisak-Moslavina county, central Croatia.
"Vermilion will retain 60% of the share and maintain its position as operator of the block, while INA will have 40%," INA said in a press release late on Thursday.
Acquisition of new geophysical data and geological interpretation of the site have already been conducted by Vermilion. 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 pending approval by the Croatian government.
INA’s shares last traded on March 3 on the Zagreb bourse, ending 0.42% lower at 474 euro ($518).
($ = 0.915 euro)
INA-Industrija Nafte d.d. is among the biggest companies in SEE. You can download our SEE Top 100 ranking
here or subscribe to our free Top 100 newsletter
here