NIS put new oil production system in Kikinda in operation - Investment worth 4 million euros

The Petroleum Industry of Serbia (NIS) has put new Sabacka oil production system in Kikinda Varos oil deposit in operation, which will enable larger production and exploitation of oil in that deposit.

Total value of the investment is 4 million euros, and it is expected that about 300 t of oil and around 40m cubic meters of gas will be produced within next 15 years.

Within the scope of the project, an automatic measuring device for periodical measuring of quantity of oil and gas will be installed for the first time in Serbia.

Gazpromneft's Deputy Director General for research and production Boris Ziljberminc said it was a very important event and added that the new technologies were applied in Serbia for the first time and that he believed that there would be much more similar projects in our country in the future.

He said that Gazprom would back the development of NIS and that the company's plan was to increase oil and gas reserves and production.

Predrag Radanovic, the Executive Director at NIS Naftagas, said that the production in the first six months of 2010 had been 30% larger than in the same period in 2009.

According to him, oil production and gas production in 2009 grew by 4% and 19%, respectively, against year 2008.