Bloomberg News

NIS to Spend $41 Million on Oil Exploration in Bosnia to 2014

October 13, 2011

Oct. 13 (Bloomberg) -- Naftna Industrija Srbije AD said it has earmarked $41 million for oil and gas exploration in neighboring Bosnia-Herzegovina through 2014.

The search in two areas in Republika Srpska, the Serb half of Bosnia, will cover 700 square kilometers (272 square miles), NIS said today in an e-mail. It secured the license in early July and expects to spend 4.05 million euros ($5.55 million) on the project this year.

The Belgrade-based company, majority owned by OAO Gazprom Neft, formed a joint venture with a unit of OAO Zarubezhneft Neftegazinkor to search for hydrocarbons in Republika Srpska, which gave them a 28-year concession, three years for exploration and 25 years for tapping any commercial finds.

--Editors: Alan Crosby, Andrew Langley

To contact the reporter on this story: Misha Savic in Belgrade at msavic2@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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