Bosnia and Herzegovina, New oil exploitation concession in Obudovac for Jadran-Naftagas

, SEE Energy News

The Government of the Republic of Srpska (RS) has approved the Russian company Jadran- Naftagas, registered in Banja Luka, to obtain 4,800 cubic meters of oil from an exploration well in Obudovac near Samac and test its quality and chemical technological characteristics.

This is the second time in the last seven months that the RS Government has approved the exploitation of oil by the concessionaire. In June of last year, they were granted permission to extract 5,000 cubic meters of oil on the same basis.

The municipality of Samac said that it will seek to have the concession agreement reviewed so that  the local community can benefit from this natural resource. The Government’s decision states that  the concessionaire is obliged to pay 5 % of the revenue generated by the quantities taken. Jadran -Naftagas is obliged to keep a record of the quantities of crude oil extracted during detailed geological exploration and to present the extracted quantities of crude oil in the annual report and reserve study.

The company Jadran-Naftagas company was founded by the Serbian oil company NIS and Zarubezhneft, which later withdrew from the project. The majority owner of NIS is Russian Gazprom. The concession contract for oil and gas exploration and exploitation was signed in 2011 for 25 years.

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