June 13, 2019 / 11:18 AM / a year ago

Canada's Vermilion starts drilling for oil and gas in Croatia

FILE PHOTO: An oil platform is seen in the Adriatic Sea, Croatia, May 28, 2015. REUTERS/Antonio Bronic/File Photo

ZAGREB (Reuters) - Canada’s Vermilion Energy has begun drilling its first exploration well in Croatia and should have initial results on the presence of oil or gas within five weeks, the Croatian Hydrocarbon Agency (AZU) said on Thursday.

The company will also soon start drilling works on another onshore well in eastern Croatia, AZU, a state agency in charge of gas and oil exploration, said in a statement.

Vermilion won four licenses in 2015 for oil and gas exploration in eastern Croatia.

Croatia produces about 40% of its gas needs but imports around 80% of its oil.

It is currently running two new tenders for oil and gas exploration in the north and in the mountainous southern region.They are open until June 28 and Sept. 10, respectively.

In central Europe Vermilion is also active in Slovakia and Hungary.

Reporting by Igor Ilic; Editing by Susan Fenton

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