Europe > Southern Europe > Bosnia and Herzegovina > Oil Probe Draws Blank in Bosnian Serb Entity

Bosnia and Herzegovina: Oil Probe Draws Blank in Bosnian Serb Entity

2015/05/05

Oil deposits have been discovered in the northern part of Republika Srpska, RS, but the quantities appear insufficient for profitable exploration, the entity Minister of Industry, Energy and Mining, Petar Djokic, told the media.

The potential for oil exploration in Republika Srpska has been researched since 2011 by Jadran-Naftagas, a joint company established by the Serbian and Russian oil companies, NIS and Zarubezhneft.

They discovered oil deposits in the northern part of RS near the village of Obudovac, but additional research is needed to ascertain whether there is enough oil there for exploration, Djokic said.

A senior Bosnian Serb official told Balkan Insight on Tuesday that the entity government would any minute at this time sign a new concession arrangement with Jadran-Naftagas for additional research.

Bosnia’s other entity, the Federation, is as well interested in researching potential oil deposits on its territory. At the end of 2013, the Federation government signed a Memorandum of Considerate with the oil giant Shell, notifying that next initial research Shell had expressed interest in taking over a concession for research and drilling of oil in the entity.

Since again, the Federation entity government has been engaged in preparing a tender for an international consultant to handle negotiations with Shell on its behalf.

The process has been delayed by political quarrels. The new entity government has from presently on to be established following general elections held in Bosnia last October.

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