NIS activates five more borings in vicinity of Kikinda

"Petroleum Industry of Serbia" (NIS) has started realization of the project for drilling five new production borings in deposit "Kikindska varoš", which are in the vicinity of Kikinda.

- Commencement of exploitation of five new borings will enable significant growth of production - it is pointed out in the statement by NIS whose majority owner is "Gazpromneft".

Total value of the project is estimated at over 5m EUR, while the invested funds are expected to be returned already during the first year of exploitation.

According to the expert prognoses, thanks to five additional borings, the annual volume of production at deposit "Kikindska varoš" will be increased by about 31,000 tons of oil in 2010.

It is expected that 260,000 tons of oil and 34m cubic meters of gas will be produced in "Kikindska varoš" during the next 15 years.

NIS, which is majority owned by Russians, has the intention to increase the volume of production on the deposits in Serbia and to increase the company's resources.

- Our experts have experience and knowledge that are necessary for realization of such complex projects on the deposits whose exploitation period exceeds 50 years - the Director General of NIS, Kiril Kravčenko, said on that occasion.

Exploitation of deposit "Kikindska varoš" started in 1965.

Accessible reserves of that deposit are currently estimated at 1.3m tons of oil.

The works on borings are carried out by "NIS Naftagas", which respects all environmental standards.