Hungary-based Company Signs Agreements for Hydrocarbon Exploration in Croatia

Hungary-based Company Signs Agreements for Hydrocarbon Exploration in Croatia
energia.gr
Σαβ, 5 Ιουλίου 2025 - 14:15

The Croatian government and Aspect Croatia, a subsidiary of the Hungary-based division of US company Aspect Holdings, have signed new Production Sharing Agreements (PSAs) 

for three exploration areas covering the counties of Sisak-Moslavina, Požega-Slavonia, Brod-Posavina, Karlovac, Zagreb, Bjelovar-Bilogora, and Koprivnica-Križevci.

According to a statement from the Ministry of Economy, ASPECT Croatia already holds a valid PSA and has reported four commercial discoveries and defined reserves, demonstrating its expertise and reliability.

The total area of the three new exploration blocks is 5,423 square kilometres. Local communities are expected to receive around 300,000 euros in annual fees, while the state budget will receive an additional 300,000 euros per year, in addition to one-time fees totalling approximately 560,000 euros for contract signing.

“Unlike the previous concession model, where the oil company acquired rights to all hydrocarbons after paying a 10 per cent royalty, the new PSA model ensures a significantly larger share for Croatia,” emphasised Minister of Economy Ante Šušnjar. “After the investor pays the royalty, the remaining share of hydrocarbons is divided between Croatia and the investor, once approved investment costs are recovered. In the case of a commercial discovery, Croatia can realise up to 55 per cent of the total project revenue.”

 

(Ceenergy News, June 30, 2025)

 

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