SARAJEVO, Bosnia (July 9,2008) - The Malaysian company, registered under the name Tara-Drina in Bosnia and headed by Joseph Vijay Kumar, has asked for concessions to explore Bosnian oilfields in the northern town of Tuzla, the western town of Livno and the southern town of Stolac.
The FBIH entity government said it has suggested a partnership for Tara-Drina with the Bosnian engineering firm Energoinvest, which was the local partner in the original project and ordered last year to draft a plan of exploration for 2008-2017.
"The authority in this business has been given to Energoinvest but it cannot conduct it on its own," the statement quoted the FBIH Entity Prime Minister Nedzad Brankovic as saying.
Energoinvest has said that it would look for a strategic partner to finance the research after it has got the right to concessions from the FBIH entity's 10 cantons, a procedure that is underway.
Bosnian geologists are not certain about quantities but believe they range from 20 million tonnes of oil at northern smaller beds to possibly 500 million tonnes in southern deposits, which were hard to assess at 5,000-6,000 metres depth.
Tara-Drina representatives said they had a team that was ready to start immediately with exploration, the FBIH entity government said in the statement.
Kumar told Bosnian daily Dnevni Avaz yesterday that his company would invest up to $90 million (113 million Bosnian Marks) to explore three deposits in the Tuzla area in the first phase of exploration.
Another team of Canadian and British consultants also visited potential oilfields across Bosnia last week, Dnevni Avaz reported.
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Wednesday, July 9, 2008
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