Exploration, production pace faster in Serbia, Bosnia and Herzegovina

Vesna Karovic Maricic Dusan Danilovic Veselin Batalovic Branko Lekovic University of Belgrade Belgrade Oil and gas production has declined in Serbia in the last 3 decades due to depletion of existing reserves and low level of exploration. Domestic production makes up one fifth of Serbia's energy needs, so the country is highly dependent on imports. Such an unfavorable situation in the Serbian petroleum sector has gradually changed since 2009, however. In 2009, GazpromNeft of Russia bought 51% of the shares of Petroleum Co. of Serbia (NIS). Production in 2010 amounted to 8.76 million bbl of oil equivalent, an increase of 30% compared with 2009. In order to increase its reserves and produc...

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