Royal Dutch Shell is again interested in oil and gas exploration in Bosnia & Herzegovina and plans to start talks with the government of the Muslim-Croat Federation on October 23 to discuss the possible renewal of a memorandum of understanding, Klix.ba reported on October 17.
In 2015, Shell decided to give up on signing a deal and ended a memorandum of understanding it had signed with the Federation back in 2011 following an internal portfolio review and in the light of the oil and gas environment at that time.
The potential deal would have secured an investment of between $300mn and $700mn in exploration work depending on the number of drilling sites. The investment would have helped Bosnia, one of Europe’s poorest countries, become a local leader on the energy market.
The memorandum had been extended twice. Under the original text of the memorandum, had Shell discovered oil and gas reserves it should have started exploiting them in 2015. The Dinaridi area that Shell was expected to exploit is thought to contain up to 500 million tonnes of oil reserves.
“This or next week we shall publish announcement for selection of a consultant to lead us in this process and will talk to Shell,” Klix.ba quoted the Federation’s Energy Minister Nerdin Djindjic as saying.
The Bosnian Federation has made several attempts to find a consultant to lead future negotiations with Shell Exploration Company BV on its behalf, but failed to select a company.
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