Invest in Croatia!
On 28 December 2022, the Croatian Hydrocarbon Agency launched a new bidding round for six exploration blocks.
The potential of these blocks has been identified in previous wells for the purpose of exploration and production of oil and gas, which now significantly reduces the risk and cost for future investors.
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We are looking for a strong partner and offer potential investors attractive, transparent and simple licence terms based on global best practises.
Pro-investment legislation, existing infrastructure, geopolitical stability, proven geothermal potential and long-standing tradition in the industry undoubtedly make Croatia a desirable business partner.
Geothermal framework and potential
The 2018 amendments to the Act on Exploration and Exploitation of Hydrocarbons expanded the Agency’s activities to include geothermal exploration. In addition to its previous role in the exploration and exploitation of hydrocarbons, the Agency was also authorised to carry out activities related to the exploration and exploitation of geothermal waters for energy purposes.
Drawing on our extensive knowledge and using data from the oil industry, we have laid the foundations for the development of a new approach to energy. Over the course of four years, the Agency has worked on the promotion, presentation, and activation of this invaluable resource. We have laid the foundations for further development.
The Agency has taken an extraordinary step forward in promoting geothermal potential, which has been recognised by many organisations and companies worldwide.
We have attracted investors with different profiles – renowned domestic and international companies and companies established by local or regional self-government units. Geothermal energy and its potential have also become a top issue at the local level. Leaders of local municipalities, entrepreneurs, individuals, and citizens have become ambassadors promoting and supporting the maximum development of the use of geothermal waters for energy purposes in the Republic of Croatia.
Such success would not have been possible without our dedicated work and innovative approach. We have implemented a unique approach aimed at promoting geothermal potential by opening the main repository of the geological database collected for the purposes of oil and gas industry.
Thanks to data from the oil industry, the Croatian Hydrocarbon Agency can offer concrete and initial data on potentially productive geothermal locations, and even existing wells for which we have data on water temperatures and reservoir permeability. We have created a database of about 3,500 wells and seismic data spanning an area of about 20,000 square kilometres, including a large amount of 3D seismic data.
We have analysed the existing data and, in accordance with it, demonstrated the geothermal potential in approximately 200 wells originally drilled for oil and gas exploration and identified 75 promising areas suitable for district heating or power generation development.
According to current conservative estimates, geothermal power plants with a total capacity of about 1 GW could be built at the Croatian geothermal sites identified so far.