The Government of the Federation of BiH (FBiH) passed the decision to accept the Memorandum of Understanding with Shell Exploration Company B.V. - a company established in the Kingdom of the Netherlands, with registered office in The Hague – and the decision granting authorization for its signing
Significant financial resources and extensive professional experience are necessary to create the documentation needed to start these jobs, and given the current capacities in BiH and the region, due to high costs and specificity of the task, such resources can not be found in our country.
According to the FBiH Minister of Energy, Mining and Industry, implementation of the proposed Memorandum of Understanding will give a clear picture of the actual oil and gas reserves in the territory of FBiH and will create basic conditions for the start of exploration and exploitation, all with the aim of facilitating development of FBiH.
It was envisaged that, within a period of three months after the signing the Memorandum, data collected in the period from 1970 to 1990, will be submitted to Shell, who will do a digital format and thus for the first time create the first complete digitization of geomechanics and geophysics for the entire territory of FBiH.
Memorandum will be signed for a period of two years, plus one year extension.
The FBiH Ministry of Energy, Mining and Industry in parallel with these activities began to work on the Law on the Exploration and Exploitation of Oil and Gas in FBiH.
This international oil and gas company, with experience in research and development of hydrocarbons, has shown interest to participate in the geological exploration of oil and gas on the territory of FBiH, which were declared matters of interest to the Federation of BiH by the FBiH Government.