Opportunities in oil business in Bosnia

Recently there have been several reports of possible oil findings in Bosnia. Few days ago Bosnian newspaper published an article of unnamed British-Canadian company presenting a letter of intent to the Bosnian government regarding oil exploration. They supposedly claimed possible proceeds of 80 billion dollars over the next 30 years.

Before that, Dean of the Faculty of Technology and Mining in the northern Bosnian town of Tuzla, Abdulah Basic, was quoted by some Bosnian media outlets claiming that some 500 million tonnes of oil could be located in several locations in the northern Bosnia as well as further in the southern Bosnia in a the depth of between 4,000 and 6,000 metres.

According to several Bosnian experts, British Petroleum (BP) and American Oil Company, AMOCO, now also part of BP, were interested in potential oil resources in Bosnia before the 1992-1995 Serbian, Montenegrin and Croatian aggressions against Bosnia.

In cooperation with these two companies, one of the biggest Bosnian construction companies, Energoinvest, carried out a research which proved the existence of oil pools in the northern region of Posavina, as well as in several locations in the south.

Basic says that Energoinvest still has the original report which indicates that Bosnia may have oil resources as big as Saudi Arabia or Iraq.

Do you have an opinion or additional info regarding this matter? Should Bosnia let private investors run this operation or form it's own state-owned company?

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