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Breaking News:

OPEC Lifts Production in February

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Bosnian Federation: Oil Legislation Sets First Concessions in Motion

Earlier this year we let you in on a little known secret about an up-and-coming oil venue in an unlikely corner of the world—Bosnia and Herzegovina. The paralytic “multi-ethnic” government and three-headed, rotating presidency of Bosnia is not known for its ability to pass key legislation. Indeed, since the war ended various governments have not passed any key legislation--except to abolish the death penalty, which for obvious reason transcended “ethnicity”—without direct intervention by the “international community”.  However, as we predicted, oil legislation, which is in everyone’s interest here, would be passed before the end of the year.

That time has come.

The oil legislation was adopted by the Federation parliament on 17 September, and the Energy Ministry of Bosnia’s Federation entity has now been given permission to start granting concessions for exploration and production of oil and gas through direct negotiations. For this initial stage, it’s all about Royal Dutch Shell, which already has a memorandum of understanding going back to 2011 and will likely be the sole recipient of a concession at this point. That MOU duly noted that “based on practical estimates conducted by Shell... their representative will... negotiate on one or more concessions, licenses or agreements…[and]  Shell could have exclusive rights to exploration, estimation and possibly commercial development…




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