Spectrum to acquire 2D multi-client seismic offshore Croatia ahead of licensing round

8/12/2013

Spectrum to acquire 2D multi-client seismic offshore Croatia ahead of licensing round

LONDON -- Spectrum is mobilizing to acquire approximately 12,000 km of long-offset seismic data offshore Croatia in anticipation of a licensing round.

The survey covers both the northern and southern parts of the Croatian Adriatic Sea and the survey grid will connect with Spectrum’s reprocessed seismic data covering the Italian Adriatic. The results of the survey will also be used for scientific research purposes in collaboration with local scientific institutions.

Acquisition is expected to finish in Q4 2013 with processed products available by the end of Q1 2014. The Government of Croatia plans to hold a licensing round over the country’s offshore continental shelf in 2014.

Minister Ivan Vrdoljak, Croatia’s Minister of Economy has stated, “The acquiring of 12000 km of 2D seismic data in the Croatian Adriatic is our next step to encourage oil and gas exploration in Croatia. We have already approved a new hydrocarbon law and overall have attractive legislation in place to encourage investment. In addition, Croatia became an EU member on July 1, 2013. This new seismic survey is a precursor to an offshore license round that will be announced soon, with new data available to international oil companies by Q1 2014.”

Offshore Croatia is largely underexplored, despite the presence of significant gas discoveries in the northern Adriatic. There are also proven oil discoveries in the southern Italian Adriatic and large scale structures have been identified, but untested.

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