Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Gazprom Neft’s NIS to Spend $588 Million on Exploration in 2012

March 15 (Bloomberg) -- Naftna Industrija Srbije AD, the Serbian oil company controlled by Russia’s OAO Gazprom Neft, will expand investments in Balkan exploration by 45 percent this year as it seeks to expand business.

With active and potential fields in Serbia and exploration targets in Romania, Hungary and Bosnia-Herzegovina, the Belgrade-based company plans to spend some 50 billion dinars ($588 million) looking for hydrocarbons in those countries in 2012, it said in an e-mailed statement today.

In Serbia alone, it will spend around 450 million euros ($587 million) through 2020, it added.

NIS has already invested 785 million dinars in new machinery for geological and seismic data, which will help it provide “greater competitiveness and expansion of business arrangements in the European Union.”

In Romania, NIS cooperates with Canada’s East West Petroleum Corp. on at least two exploration wells. With a subsidiary of Falcon Oil & Gas Ltd, a Denver, Colorado-based company, NIS seeks a partnership in Hungary for a gas field where Falcon holds the license.

In Hungary, it also works with a unit of Austria’s Rohoel Aufsuchungs AG, on a location near Kiskunhalas, while in Bosnia-Herzegovina it is looking for oil and gas with Neftegazinkor, a subsidiary of Russia’s Zarubezhneft.

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.