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Croatia Oil and Gas Report Q2 2016

Croatia Oil and Gas Report Q2 2016

BMI View: Croatia's new government is likely to impose new restrictions on offshore drilling amid growingdomestic opposition stemming from concern for the environment and tourism sector. This, alongsideongoing maritime boundary disputes, creates additional uncertainty for investors in Croatia's oil and gassector. Progress on the Krk liquefied natural gas terminal continues and a final investment decision wasexpected mid-2016; a positive decision would see Croatia emerge as a regional energy hub.

The main trends and developments in Croatia's oil and gas sector are:

Prime Minister Tihomir Orešković, who took office in January 2016, has expressed doubts over offshoredrilling due to environmental concerns. Amid a growing backlash against offshore exploration, there isgrowing uncertainty facing the industry. Orešković has backed onshore exploration, but new regulations,and possibly even a ban on drilling in the Adriatic, are possible, though the government policy remainsunclear. In addition to environmental opposition, contested maritime boundaries present further obstaclesto investment, as evidenced by OMV and Marathon's decision to relinquish blocks awarded during anoffshore bidding round.

Uncertainty over the future of Croatia's nascent offshore oil and gas sector only reinforces the bearishprospects for reserves and production of both oil and gas. The absence of clarity on policy onlyexacerbates the impact of low oil prices, which will further discourage investment in Croatia's upstreamsector, which is thought to have only modest upside potential.

Croatia confirmed receipt of seven bids for a proposed LNG import terminal on Krk island. Officialsindicated they hoped to make a final investment decision by mid-2016 and complete the project by 2019.

Development of the terminal would position Croatia as a key source of alternative supply to imports ofRussian gas. The project could also help to meet growing domestic demand for as domestic outputcontinues to decline.


BMI Industry View
Table: Headline Forecasts (Croatia 2014-2020)
SWOT
Oil & Gas SWOT
Industry Forecast
Upstream Exploration
Latest Updates
Structural Trends
Table: Proven Oil and Gas Reserves (Croatia 2014-2019)
Table: Proven Oil and Gas Reserves (Croatia 2020-2025)
Upstream Production - Oil
Latest Updates
Structural Trends
Table: Oil Production (Croatia 2014-2019)
Table: Oil Production (Croatia 2020-2025)
Upstream Production - Gas
Latest Updates
Structural Trends
Table: Gas Production (Croatia 2014-2019)
Table: Gas Production (Croatia 2020-2025)
Refining
Latest Updates
Structural Trends
Table: Refining Capacity and Refined Products Production (Croatia 2014-2019)
Table: Refining Capacity and Refined Products Production (Croatia 2020-2025)
Refined Fuels Consumption
Latest Updates
Structural Trends
Table: Refined Products Consumption (Croatia 2014-2019)
Table: Refined Products Consumption (Croatia 2020-2025)
Gas Consumption
Latest Updates
Structural Trends
Table: Gas Consumption (Croatia 2014-2019)
Table: Gas Consumption (Croatia 2020-2025)
Trade - Oil
Latest Updates
Structural Trends
Table: Crude Oil Net Exports (Croatia 2014-2020)
Table: Crude Oil Net Exports (Croatia 2020-2025)
Fuels Trade Forecast
Table: Refined Fuels Net Exports (Croatia 2014-2019)
Table: Refined Fuels Net Exports (Croatia 2020-2025)
Table: Total Net Oil Exports - Crude and Products (Croatia 2014-2019)
Table: Total Net Oil Exports - Crude and Products (Croatia 2020-2025)
Trade - Gas (Pipeline And LNG)
Latest Updates
Structural Updates
Table: Gas Net Exports (Croatia 2014-2019)
Table: Gas Net Exports (Croatia 2020-2025)
Industry Risk Reward Index
Central And Eastern Europe - Oil & Gas Risk/Reward Index
Table: Regional Risk/Reward Index Averages - High Risk, Low Reward In Central And Eastern Europe
Table: Central And Eastern Europe - Upstream, Downstream And Overall Risk/Reward Index
Upstream: China Still The Target Market
Table: Central And Eastern Europe Upstream Risk/Reward Index
Downstream: Turkish STAR Only Bright Spot In Weak Market
Table: Central And Eastern Europe - Downstream Risk/Reward Index
Croatia - Risk/Reward Index
Market Overview
Croatia Energy Market Overview
Regulatory Structure
Fiscal Regime
Table: Croatia - Upstream Tax Regime
Licensing Regime
Table: Croatia - Contracts and Licensing Regime
Licensing Rounds
Oil And Gas Infrastructure
Oil Refineries
Table: Oil Refineries In Croatia
Oil Storage Facilities
Oil Terminals/Ports
Table: Croatia Oil Terminals & Ports
LNG
Table: Existing And Planned LNG Terminals
Table: Croatia - Gas Storage Terminal
Gas Pipeline
Table: Croatia - Natural Gas Pipeline
Crude Oil Pipelines
Table: Croatia - Crude Oil Pipelines
Competitive Landscape
Competitive Landscape Summary
Table: Key Players In Croatian Energy Sector
Table: Key Upstream Players
Table: Key Downstream Players
Company Profile
Eni
INA
Janaf
Other Summaries
Regional Overview
Central And Eastern Europe Oil And Gas Regional Overview
Oil Production: Output Growth Stalling
Oil Consumption: Weak EM Growth Softens Demand
Refining Capacity: Modernisation Over Capacity Growth
Natural Gas Production: Gas Ramp-Up Depends On China's Hunger
Table: Central Asia-China Gas Pipeline Expansions
Gas Consumption: Demand Falters On Struggling Economies
Table: Central And Eastern Europe - Oil And Gas Production And Consumption, Refining Capacity And Trade
Glossary
Table: Glossary Of Terms
Methodology
Industry Forecast Methodology
Source
Risk/Reward Index Methodology
Table: Bmi's Oil & Gas Upstream Risk/Reward Index
Table: Weighting

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