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MOL Croatian unit plans offshore drilling

Croatian oil and gas company INA, a unit of Hungarian peer MOL, plans to drill two wells in the North Adriatic next year, but also has big expectations for a return to areas in the South Adriatic following a 25-year moratorium on drilling, chairman-CEO Zoltán Áldott said at a conference in Zagreb.

György Palásthy, of MOL's exploration division, said just 7% of the company's production comes from offshore sources, while about half of hydrocarbon production globally is offshore. MOL aims to bring the proportion of its offshore production to 30-40% by 2020, he added.

INA has made three new discoveries in the Pannon basin in the past two years, and it plans to start drilling at two more sites by year-end, Áldott said.

INA is spending HRK 3 billion (€400 million) on exploration in Croatia by 2015.