Bosnia: Total reserves one billion USD for oil exploration

25. March 2016. / SEE Energy News

The French oil giant “Total” is prepared to invest up to one billion dollars in the explorations of oil and gas within the area of the Federation BiH.

They have already informed the Federation Government about their plans, too.

“Total” is the fourth biggest oil company in the world, with the annual income higher than 250 billion dollars and the total of 100.000 employees. It operates in more than 130 countries throughout the world.

Several days ago, the representatives of this company, seated in Paris, visited the Federal Government, where they talked to Nermin Džindić, the Minister of Energy, Mining and Industry of FBiH.

Džindić has also confirmed this information, saying that he was told that, in the next 15 days, the representatives of this company would also send the letter of intent with clearly defined requirements so as to be granted the concession for exploring this energy-generating product.

“Total” is the third oil company, after “Key Petroleum” from Australia and “Spectrum” from the Great Britain, which, after the withdrawal of “Shell” from BiH, has emerged in the race for this job. They showed their interest earlier, but now, they are prepared to go all the way in the negotiations with the Federation Government about getting this job.

– At the meeting, they informed us that their fund for the exploration of oil in this area amounted to one billion dollars and that they were prepared to invest the money depending on the field situation. They are also well-informed about the locations of potential oil reserves. They showed a high interest in this job, because they have positive results searching for oil within the region – says Džindić.

The Minister of Energy explains that the French already participate in the explorations of oil and gas in Croatia, Albania and Italy and that they say that these are interconnected regions.

– In two weeks, they will come to BiH again so as to visit all the locations, and they are prepared to also include the experts from BiH in their team. They do not shun working in a team with the companies, such as “Spectrum”, which only prepare the ground, either. This would make their job easier – says Džindić.

Public Invitation by End of Month

Regardless of the interest of global companies in the explorations of oil in BiH, Džindić says that, by the end of month, the Government of FBiH will announce the public invitation for expressing interest in the exploration of oil and gas within the area of FBiH. The invitation for selecting a consultant who would negotiate with potential explorers will also be announced along with this invitation.

– We want everything to be transparent. The one who is the best, the one who satisfies all the criteria, will be the one to search for oil. We are not forcing anyone – says Džindić, transmits Serbia-energy.eu

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