NIS, Zarubezhneft JV to start drilling in Republika Srpska in 2013
BELGRADE, Serbia. Nov 1 (Interfax) - Serbia's NIS, which is controlled by Russia's Gazprom Neft , and Russian company Zarubezhneft plan to start drilling in the framework of their joint venture Jadran Naftagas in Republika Srpska (Bosnia and Herzegovina) in 2013, NIS chief Kirill Kravchenko told journalists.
The two companies will invest some 40 million euro in geological survey as part of the project. In the case that they decide to develop a field, investments will total another 200-250 million euro at the production stage, he said.
Jadran Naftagas started exploring for hydrocarbons in Republika Srpska at the end of last year. As reported, the joint venture might produce about 700,000-750,000 tonnes of gas a year. According to geologists from both companies, Jadran Naftagas could potentially discover a field with over 10 million tonnes of recoverable oil reserves in the area.
Zarubezhneft subsidiary Neftegazincor owns 34% of Jadran Naftagas, and NIS owns 66%.
