Gazprom Neft’s NIS and Canada’s Falcon to Start Hungary Drills

Naftna Industrija Srbije AD, the Serbian oil company controlled by Russia’s OAO Gazprom Neft (GAZP), will start exploratory drilling in southern Hungary in partnership with Canada’s Falcon Oil & Gas Ltd. (FO)

The search for gas at depths of up to 3,300 meters in the Mako trough will be carried out by DrillTec GUT GmbH of Germany, the Novi Sad, Serbia-based company, also known as NIS, said on its website.

Under a January agreement with Falcon, NIS gets 50 percent of expected net production revenue from the site, in exchange for covering the costs of the multi-well drilling.

To contact the reporter on this story: Misha Savic in Belgrade at msavic2@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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