Russians to start searching for oil in Republic of Srpska through NIS and Optima Group in spring - Oil exploitation company to be formed soon

Russian companies Neftegazincor and Gazpromneft, which will be searching for oil in the Republic of Srpska through the Petroleum Industry of Serbia (NIS) and Optima Group, have decided to form a joint venture in Banja Luka for oil research and exploitation, SRNA quotes.

Aleksandra Vukasinovic, the spokesperson of the Ministry of Industry, Energy and Mining and the Republic of Srpska, said she expected the company to be registered very soon.

- The analysis of old documents runs parallel to the work on drawing the plans, which requires time. The research works will, most probably, commence in spring, when the weather allows, because geological researches cannot be done when snow and water are on the fields. Besides, such works require large investments amounting to few tens of millions of euros, as well as procurement of special drilling equipment - Ms. Vukasinovic explained.

According to her words, the oil research will also lead to creation of new jobs in the Republic of Srpska. On the other hand, if commercial stocks are discovered, even more people will be hired for the works on exploitation, construction of infrastructure, production and transport of oil.

- There are, certainly, incomes from taxes and excises taxes as well. If commercial stocks are discovered, oil will be refined in Oil refinery Brod. All this depends on what will be confirmed in the research phase and on the quality of oil. Refinery Brod, which is a part of Neftegazincor, already has a solution for the oil research. If sufficient stocks are discovered, a petition will be filed for the allotment of concessions for exploitation, most probably prior to end of 2012 - says Ms. Vukasinovic.