International oil and gas company Shell Exploration Company BV from the Netherlands has finished all previous analyzes and formally submitted a letter of expression of interest to enter into negotiations for concessions for the exploration and exploitation of oil, Erdal Trhulj ,Federal Minister of Energy, Mines and industry told to “Oslobodjenje”, after a meeting of the Committee for monitoring of the implementation of the memorandum signed by the Government Federation with this company two years ago.
– The Federal Government will propose an extension of the memorandum for the year, due to the fact that the negotiations for the concession, in accordance with applicable law and experience in the world, last from six to nine months. we need the extra time, to make adequate negotiations, so that the government make decision on a strategic interest for the are of the Dinarides and to select a consulting company with experience who will negotiate on behalf of the Government, said Trhulj, adding that a commission will be formed which will consist of of the representatives of the federal parliament and government that will monitor the negotiations.
The successful conclusion of the negotiations would open the possibility that Shell in autumn of next year opens a company in Sarajevo and starts to work on the exploration and exploitation.
– Research in this area could take two to three years, and the value of investment is between 300 to 700 million dollars, said Trhulj.
FBiH government and international oil and gas company Shell signed in November 2011, the two-year memorandum of understanding which provides the exploration and exploitation of oil and gas in this area. It was agreed by the Memorandum that IF Shell finds oil and gas reserves ,begins the exploitation of reserves in 2015 year.