Russian Gazpromneft asks for concession for oil research and exploitation in Bosnia and Herzegovina

If all six municipalities in the Herceg-Bosna canton (HBC) give consent, Gazpromneft may start the first oil research on the territory of that canton in Bosnia and Herzegovina as soon as the legal procedure is finished.

The Ministry of Economy of HBC has already sent a notice to the municipalities asking for an opinion - consent for acceptance of the proposal for allotment of concession for oil research and exploitation on the territory of that canton.

Oil-geological research would last for about five years, and Gazpromneft would invest about EUR 7.5m. If the research results are positive, oil exploitation will commence and the company will invest additional about 600 million dollars, the Government of HBC announced.

Russian Gazpromneft has held the presentation of oil-geological research in the premises of the Government of HBC, followed by a series of presentations dedicated to oil research and exploitation on the territory of HBC in all six municipalities.

These presentations were attended by the representatives of municipalities, Zeljko Kirin, the director of the branch office of the Petroleum Industry of Serbia (NIS) in Moscow, Deputy Director General Julij Masijanski, and expert associate for regional and foreign affairs Ivan Dulic.