The Government of FBiH to return to the Project worth Hundreds of Million BAM

March 14, 2018 9:30 AM

The Government of BiH is planning to award a concession for exploration and exploitation of oil and gas on the territory of its larger entity.

In the recent days, the Ministry of Energy, Mining and Industry reannounced the tender in which it is seeking for a consultant for the preparation of public tenders.

There has been a large interest in oil exploration in the FBiH by international corporations for several years now, and the Government of the FBiH has signed a memorandum with the company “Shell”.

The Government of the FBiH offers a contract worth 1.2 million BAM for consultancy services. Due to a decrease of the oil prices in the world market, “Shell” temporarily gave up, according to the media, but the circumstances have changed since then and now there is a chance for realization of this project. They informed the competent ministry on their intention to return to this project at the end of last year.

The Memorandum of Understanding between Shell and the Government of FBiH was signed in the year of 2011, and it was extended in 2013 and 2014 and according to the Memorandum, the company Shell was supposed to allocate the amount between 300 and 700 million BAM for this project in the year of 2015.

With the memorandum was provided that, on the basis of the existing written documentation on conducted research works, Shell would conduct the process of digitalization of geological and geophysical data, create the starting geological and geophysical data and structural reconstruction of the tectonic wreath using modern tools, technology and research at their own expense, in order to obtain the very basic information for estimating the prospects of exploitation in the territory of the FBiH.

(Source: akta.ba)

 

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