The Vermilion Energy contract, along with other two companies, grants them rights to drill in six areas
Canadian Embassy welcomed on Thursday the decision by current government on compliance for contracts in exploration and exploitation of hydrocarbon land deposits with Canadian company Vermilion Energy. Based in Calgary, the company has been in oil and gas production for 20 years, with outstanding results, HINA reports on June 9, 2016.
Said contracts grant rights in four Croatian counties, following an exploration license granted in 2015 to Vermilion. This Canadian investment will, as stated, aid in improving the local economy in terms of revenue, employment, development of skills and technology transfer.
“The decision shows that Croatia welcomes foreign investment and is committed to strengthening European energy security. I am aware that land exploration has broad support from Croatian political parties and the granting of this contract shows determination by PM Orešković and his ministers to achieve results. I would also like to thank the Hydrcarbon Agency for support during this process,” Canadian ambassador Daniel Maksymiuk said.
He added his confidence that this success will be an important example to other Canadian investors who are considering Croatia as an investment destination.
The government gave compliance during a session on Wednesday for exploration and exploitation land contracts in six areas, authorizing Economy Minister Panenić to sign contracts with INA and Nigerian Oando PLC for one area each, with other four going to Vermilion. Panenić added at the government session that the contracts are important to the state as they bring investments totalling 88 million Euro.
