Government Allows Gas Exploration for Aspect – Hungarian Player from the USA

The Government of the Republic of Croatia, at this week’s session, made decisions to issue or extend permits for the exploration and exploitation of hydrocarbons to Aspect Croatia Kft., the Zagreb branch of the Hungarian subsidiary of the American company Aspect based in Denver.

Aspect, which has been present in Hungary since 2003, has been granted a permit for exploration in the fields SAVA-08/SAVA-09, SAVA11- SAVA12, and DR-02/1, while its permit for the SAVA-6 field, where it has already reported four commercial gas discoveries and gas-condensate deposits Setuš, Ljubljanica, Topolje, and Trebarjevo, has been extended. With the extension of the six-month exploration period at these confirmed sites, it is expected that the first exploration phase will be completed, creating conditions for entering the second phase and subsequent gas exploitation.

Based on fees for space usage, according to government estimates, local communities in whose areas the explorations are conducted will receive about 300,000 euros each year. Permits for these explorations and hydrocarbon exploitation are granted for 30 years, with the possibility of extension. The area covered by the issued permits amounts to 5,423 square kilometers, and if indications of commercial gas quantities are confirmed as in the SAVA-6 field, investments in infrastructure development and job creation are expected.

– These Decisions show that Croatia has significant energy potential, but also that investors are willing to invest long-term in our country. Every new project means new opportunities for the development of local communities, new jobs, and a more secure future for our citizens, said Minister of Economy Ante Šušnjar at the government session.

Aspect Croatia Kft. is a Hungarian company established in 2019, headquartered in Budapest, and acts as a link between the American parent company Aspect Holdings in Denver and operations in Croatia. American Aspect Holdings was founded over 30 years ago by Alex Cranberg, who is still at the helm of the company and actively participates in the realization of its foreign projects. After investments in Texas and the Gulf of Mexico, Aspect ventured into foreign markets at the beginning of this century.

It entered Hungary in 2003, and three years later formed a partnership with MOL, expanding investments in that country and producing as much as 20 percent of total Hungarian gas production by 2008. They are also partners with the Hungarian state MVM group, with which they explore and exploit oil and gas through the Corvinus project, formed with the idea of exploiting hydrocarbons from unconventional deposits at depths of 3,500 to 4,500 meters and under high pressure and temperature conditions, which require advanced technologies and specialized reservoir management methods. The Sellye field discovered in 2014 is the largest oil field found in Hungary in the last 50 years.

This government decision comes at a time when the USA is implementing President Donald Trump‘s initiative to impose tariffs on a range of goods and services.