Gazprom Neft wants to explore Bosnian oilfields: authorities

9th September 2010, Comments 0 comments

Gazprom Neft, the oil subsidiary of Russia's energy giant Gazprom, has sought a concession to explore possible oilfields in southwestern Bosnia, local authorities said on Thursday.

Exploration works would start as soon as necessary approvals were obtained and Gazprom Neft intended to invest some 7.5 million euros (9.5 million dollars) in the first phase, the southwestern Livno district government said in a statement.

"If the results will be positive, we will proceed with exploitation of oil and the company will invest additional funds of 600 million dollars," the statement added.

The concession is to be approved by the Livno government, which could be done after lower lever authorities, that have been already informed, give their green light, it said.

In 2008 Bosnian papers quoted local and international experts as saying that oilfields in southern Bosnia, possibly located at a depth of 4,000 to 6,000 metres (13,200 to 19,800 feet), could contain about 500 million tonnes of oil.

In July, Serbian oil company NIS, controlled by Gazprom, and Russian state-run firm Zarubezneft signed a deal to cooperate in exploring oilfield in northern Bosnia.

At the time Zarubzneft's officials said oilfields in northern Bosnia could provide about 21 million tonnes of oil within the next ten years.

© 2010 AFP

0 Comments To This Article