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Searching for oil in Republika Srpska to begin already this year

Date: July 29^th 2010 Author: Mirsad Bajtarević, Sarajevo Category: Articles
Topic: Oil and oil derivates

The process of searching for the oil sites in Republika Srpska which is going to be conducted jointly by Naftna industrija Srbije and a Russian company Neftegazinkor is going to begin this year and end in 2013. After that an adoption of requirements for granting the concession for exploitation is expected.

According to the public relations representative from the Ministry of Industry, Energy and Mining of Republika Srpska, Aleksandra Vukasinovic, oil and gas exploitation in Republika Srpska will begin in 2014, provided that the results of the oil search are favourable. Maximum production quantity at the sites will be reached in 2020 and should amount to up to one million ton a year. Oil site research in Republika Srpska will be conducted at four locations in three basins – Posavje, Tuzla and Lopar basins, reported the Bosnian-Herzegovinian media.

Vukasinovic said that the recently signed Memorandum of cooperation between NIS and Neftegazinkor signifies one step further in the field of exploitation of the energy resources available in Republika Srpska. This is going to contribute to increased energy security and independence of this Bosnian-Herzegovinian entity.

Investments into the initial geological works and research should amount to about 20 million dollars and the total value of the project is going to be between 130 and 150 million dollars, depending on the research results.

Extensive oil geological research was conducted in Bosnia and Herzegovina in the period between the years 1973 and 1991 in two separate projects – North Bosnia and Dinaridi. On the basis of the first project, a detailed report on classification and categorization of oil deposits, condensates and natural gas in the area of northern Bosnia was prepared, confirming that the deposits in the north part of Republika Srpska amount to 55.14 million barrels of oil.

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