Southeast Europe - Hydrocarbon Exploration and Production Opportunities Beckon by George Kovacic, presented at the Global Petroleum Show, Country Market Seminar Series, June 13, 2018, (BMO Centre) Calgary, Alberta, Canada
The document summarizes opportunities for oil and gas exploration in Southeast Europe. It provides an overview of the fiscal terms, recent license awards, and upcoming opportunities in Croatia, Bosnia and Herzegovina, Montenegro, Albania, and Greece. Key points highlighted include the region being highly underexplored with potential for substantial discoveries, better terms than neighboring countries, and requirements for drilling and oilfield services. The presentation encourages parties to understand the local culture and regimes, and work with experts in the region to succeed in Southeast Europe.
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Southeast Europe - Hydrocarbon Exploration and Production Opportunities Beckon by George Kovacic, presented at the Global Petroleum Show, Country Market Seminar Series, June 13, 2018, (BMO Centre) Calgary, Alberta, Canada
1. June 13th , 2018
SOUTHEAST EUROPE –
OPPORTUNITIES BECKON
GEORGE KOVACIC
CROSCORP INTERNATIONAL
kovacic@croscorp.com
GLOBAL PETROLEUM SHOW
COUNTRY MARKET SEMINAR SERIES
CALGARY, ALBERTA
2. DISCLAIMER
All parties attending this presentation agree that Croscorp International Ltd. (Croscorp) is not
providing any service to any of the parties present with this presentation. The information and
examples provided are solely for information purposes only, Croscorp assumes no
responsibility or liability whatsoever for any action taken by any party. For avoidance of any
doubt, all parties shall be solely responsible for all decisions undertaken and all parties are
encouraged to conduct their own due diligence prior to undertaking any decisions or contact
Croscorp for a consultation and provision of services. Regulations and developments in
Southeast Europe can be very complex, vary substantially between jurisdictions and can
change on a regular basis. Information and examples provided here within are done to serve as
an example and may or may not still be applicable or valid today or in the near future. All
parties are encouraged to obtain professional expertise prior to undertaking any decision. This
presentation is not all inclusive. Every effort has been made to assure that the data contained
in this presentation is accurate and up to date however all data should be reconfirmed by any
party that is interested in the data.
3. 3
Croscorp International
Focus Areas: Southeast Europe and Canada
Clients: Oil Companies (IOCs); Drilling, Seismic and Oilfield Service Contractors;
Consulting Companies/Investment Banks; Government Ministries/Agencies
SERVICES OFFERED:
• Market entry and license round bidding
• Partnership/bid group facilitation
• A&D/deal facilitation
• Permit and E&P license obtainment
• Above ground risk minimization
• Establishing pre-conditions to attract IOC
investment and launch of license rounds
• Government and Stakeholder Relations
4. 4
.
• Regulatory Framework Info:
- New hydrocarbon act
- Access to all data
- Open Door
- Third Party Infrastructure access
- Hybrid PSA
• Most Recent Awards:
– 2016 - 5 onshore PSAs signed. 4 were signed
by Canadian Vermilion and 1 by INA
– 2015 -10 offshore blocks awarded. Never
signed.
Map adapted from AZU presentation – Balatonfured, October, 2016
Vermilion Energy’s 4 Blocks
Croatia – Market Update
5. 5
Adapted maps from AZU presentation – Balatonfured, October, 2016
• Data rooms – onshore and offshore open
– Legacy data available from the
hydrocarbon agency.
– 2013/2014 Multi-Client seismic data
www.spectrumgeo.com
• Upcoming License Round Status:
– 2nd onshore license round expected to
open fall 2018 - 11 blocks
• OPPORTUNITY ALERT:
- Upcoming license round
- Partnerships/bid groups
6 blocks
Pannonian Basin
4 blocks
Dinarides
Croatia – Market Update
7th Pannonian block
6. 6
.
Map from: Public Procurement Documentation: 76200000-5- March, 2018
• Regulatory Framework:
– 2018 (March) – Consulting services tender
– Royalty tax
• Data room:
– Prepared however not yet open.
• Upcoming License Round Status:
– 1st license round expected to launch in 2019
• OPPORTUNITY ALERT:
- Upcoming license round
Bosnia and Herzegovina
– Market Update - FBiH
7. 7
.
Map from: NIS Gazprom Neft Teaser
• Fiscal Regime – Royalty Tax
• Acreage Availability
– All acreage awarded to Jadran Naftagas
until 2039
• OPPORTUNITY ALERT:
- Farm-in availability, block 2
• Data room FBiH
– Data room open for IOCs interested
to farm-in
Bosnia and Herzegovina
– Market Update - RS
8. 8
. Adapted maps from:http://www.mek.gov.me/ResourceManager/FileDownload.aspx?rId=245043&rType=2
• Regulatory Framework Info:
- Royalty tax (based on Norwegian model)
• Recent Awards:
– 2017 – 2 offshore blocks signed by
Energean
• OPPORTUNITY ALERT:
- Energean must find a partner
– 2016 – 4 offshore blocks signed by
ENI/Novatek
Energean Blocks
ENI/Novatek Blocks
Montenegro – Market Update
9. 9
.
Adapted map from MHA presentation – Athens, October, 2017
• Data room – Open – Mostly Offshore
• Upcoming License Round Status:
– 2nd offshore license round upcoming
– No plans yet for an onshore license round
• OPPORTUNITY ALERT:
- IOCs looking for partners
Montenegro – Market Update
Prospects
10. 10
.
• Regulatory Framework Info:
- Hybrid PSA
- Review of legislation and fiscal regime
• Recent Awards:
– 2017 – Pennine Petroleum signed Velca Block
– 2018 – Shell signed a PSA for Block 4
• Data rooms – onshore and offshore open
Photo courtesy of Albania Ministry of Infrastructure and Energy, February 21, 2018
Albania – Market Update
11. 11
• Upcoming License Round Status:
– April 2018 - Minister announced upcoming
opportunities to obtain onshore and offshore
acreage
• OPPORTUNITY ALERT:
- IOCs looking for partners
Map from Albpetrol presentation – Athens, October, 2017
Albania – Market Update
12. 12
.
Adapted Map from HHRM presentation – Athens, October, 2017
Greece – Market Update
• Regulatory Framework Info:
- Royalty tax
• Recent Awards:
– 2018 – Offshore Block 2 - Total (50%),
Edison (25%) and Hellenic Pet. (25%)
– 2018 – Hellenic Pet. two onshore blocks
and Energean awarded one onshore
block
• Data room open – onshore and offshore
13. 13
• Acreage Availability
- Expression of Interest option for all onshore
and offshore acreage not awarded.
- No immediate plans for a new license round
• OPPORTUNITY ALERT:
- Farm-ins / Expression of Interest
Map from HHRM presentation – Athens, May, 2018
Recent offshore award to
Total, Edison and Hellenic Pet.
Offshore bids by consortium of
Total, ExxonMobil and Hellenic Pet.
Greece – Market Update
Offshore bid by Repsol
and Hellenic Pet.
14. 14
.
• Preconditions established for successful license rounds including data accessibility
• Highly underexplored and potential for substantial discoveries
• Better terms/opportunities than neighbors – (inexpensive acreage)
• Recently opened, low hanging fruit
• Good infrastructure and local demand
• Requirements for drilling and oilfield products and services
Southeast Europe
The Time is Now!
15. • Understand fiscal and legislative regimes
• Source expertise that has regional networks and understands the culture
• Build Trust
Let me know if you are interested in
entering the region
• Will be based in Zagreb, Croatia from
August to December, 2018
Tel: 1 780 990 5581
Email: kovacic@croscorp.com 15
.
George Kovacic with Albanian Minister and
Deputy Minister in Kocova, Albania - April, 2018
Southeast Europe
How to Succeed?