Bosnia finds commercial oil quantities

Initial oil explorations in Bosnia and Herzegovina indicate that there is oil in commercial quantities at different northern areas, an energy official said.
The federal government asked specialized international companies to partake in commercial oil explorations in the country, Djamil Vlahovliak, director of the Bosnian Energy Complex, told.

Several specialized companies from the US and Arab oil-producing companies have attached much attention to investment in the oil exploration field, he said.
He quoted oil experts as saying that there was oil at five sites in Bosnia, but they failed to confirm if such quantities would be enough for exploration and marketing.

However, the Bosnian government will hammer out agreements with world oil companies to launch serious oil exploration processes in line with well-known commercial criteria and basics, Vlahovliak added.
But, if it is proven that there are commercial oil quantities in Bosnia, then exploration and production will take two or three years, he expected.