Serbia's NIS to invest EUR 6.6mn in oil and gas exploration in Bosnia this year.

By bne IntelliNews April 19, 2012
Serbian oil firm NIS will invest EUR 6.59mn by end-2012 in oil and gas exploration works in Bosnia's Serb Republic, news service reported, quoting information from the company. NIS' Bosnian firm, Jadran-Naftagas started in November 2011 regional 2D seismic exploration in the northern Novi Grad-Doboj area and 490-km of detailed 2D seismic reflection surveys in the north-eastern area of Semberija, the report said. According to NIS, the regional and detailed studies should be completed this month in Semberija and after that detailed 2D exploration will start in the northern region of Posavina. Once the data received from Semberija and Posavina are processed and interpreted, the company will define the location of its first exploration well in the Serb Republic. Russia's NeftegazInCor is NIS' joint venture partner in the Bosnian company. In October 2011, NIS said some USD 41mn million will be invested in prospecting for oil and gas in the Republic until 2014. The Republic has awarded Jadran-Naftagas a concession for hydrocarbons exploration and exploitation.
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