The government of Bosnia’s autonomous Bosniak-Croat Federation plans to issue a tender in October to award oil and gas exploration and exploitation licenses, it said on Sept. 27.
The Federation, which makes up Bosnia alongside the Serb Republic, is offering investors the opportunity to search for hydrocarbon deposits in four blocks in the Dinaridi and Panonian basin regions covering an area of 4,591 sq km.
The exploration area has been estimated to worth up to $700 million.
Experts say that southern deposits, located at a depth of 4,000 to 8,000 meters, could contain up to 500 million tonnes of reserves, while northern deposits are estimated at around 70 million tonnes.
Ahead of the tender the government will hold presentations for potential investors, starting in Sarajevo on Oct. 1, followed by Ankara, London and Montenegro's coastal town of Budva, it said in a statement.
The Federation government revived a plan to award a license in the Dinaridi area, put on hold after Shell Exploration, part of Royal Dutch Shell, pulled out of exploration in Bosnia in 2015 citing a changed energy environment.
Interested parties will have a six-month deadline to file their bids, the government said.
Recommended Reading
What's Affecting Oil Prices This Week? (March 4, 2024)
2024-03-04 - For the upcoming week, Stratas Advisors expect the price of Brent will move sideways and will struggle to break through $85.
What's Affecting Oil Prices This Week? (Feb. 5, 2024)
2024-02-05 - Stratas Advisors says the U.S.’ response (so far) to the recent attack on U.S. troops has been measured without direct confrontation of Iran, which reduces the possibility of oil flows being disrupted.
What's Affecting Oil Prices This Week? (March 18, 2024)
2024-03-18 - On average, Stratas Advisors predicts that supply will be at a deficit of 840,000 bbl/d during 2024.
What's Affecting Oil Prices This Week? (March 11, 2024)
2024-03-11 - Stratas Advisors expects oil prices to move higher in the middle of the year, but for the upcoming week, there is no impetus for prices to raise.
Oil Dips as Demand Outlook Remains Uncertain
2024-02-20 - Oil prices fell on Feb. 20 with an uncertain outlook for global demand knocking value off crude futures contracts.