Croatia, Montenegro working together to reach Adriatic oilfields

Croatia, Montenegro working together to reach Adriatic oilfields

The effort to drill for oil and gas could stimulate the economy and attract foreign investment.

Croatia and Montenegro are working together to explore for oil in the Adriatic Sea, making both countries more attractive to energy investors and potentially giving a boost to the regional economy.

"We focused discussions on what is most important: oil and gas exploration in the waters of the Adriatic. We agreed to do everything so the research starts as soon as possible, and that the border line does not stand in the way," Croatia Prime Minister Zoran Milanovic told reporters after a meeting in June with Montenegro's prime minister, Milo Djukanovic.

Officials predicted that the border will not be a problem and it will not affect the exploration and recovery of oil and gas. Co-operation between the two countries is a result of the exchange of information and experiences between them, officials said.

Croatia's Ministry of Economy earlier this year issued an international tender for the exploration and exploitation of hydrocarbons in the Adriatic.

"The geological potential is great, but it would be foolish to talk about any reserves until all research actions are complete, which will determine the amount of the oil and gas reserves," Tomislav Cerovec, a spokesman for the ministry, told SETimes.

Barbara Doric, head of Croatia's hydrocarbons agency, said about 40 companies have expressed interest in the project since March.

"The geological potential of Croatia suggests that possible gas deposits exist in the northern Adriatic, while the central and southern part of the Adriatic have possible oil deposits. The interest is great, if judged by...