NIS and RAG search for oil in Hungary

Oil Industry of Serbia (NIS) and Rohol-Aufsuchungs Aktiengessellschaft (RAG) from Austria will embark on joint exploration of oil and gas southern Hungary.

Izvor: Tanjug

Wednesday, 21.12.2011.

15:33

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Oil Industry of Serbia (NIS) and Rohol-Aufsuchungs Aktiengessellschaft (RAG) from Austria will embark on joint exploration of oil and gas southern Hungary. The exploration license belongs to RAG Hungary and covers an area of 2,250 square kilometers in the Kiskunhalas region, NIS shareholder Gazprom Neft has stated. NIS and RAG search for oil in Hungary The companies will invest together and share the risk of geological research and the revenue from oil exploitation, and according to the agreement, NIS will get a 50 percent share of the exploitation, Finmarket, a Russian agency for information related to economy, reported on Wednesday. NIS is one of the largest vertically integrated petrochemical companies in Southeastern Europe for exploration, exploitation and processing of oil and gas and sale of their derivatives. Gazprom Neft and the Serbian government are the largest shareholders. NIS operates in a number of European countries. It is involved in exploration and exploitation projects in Serbia, Hungary, Romania, Bosnia-Herzegovina and Angola. RAG operates in Austria, Germany, Hungary and Poland. The projects in Hungary are run by RAG Hungary, which is fully owned by RAG. Besides exploration and exploitation, RAG is also involved in underground gas storage and is considered as on of the largest European companies in that domain.

NIS and RAG search for oil in Hungary

The companies will invest together and share the risk of geological research and the revenue from oil exploitation, and according to the agreement, NIS will get a 50 percent share of the exploitation, Finmarket, a Russian agency for information related to economy, reported on Wednesday.

NIS is one of the largest vertically integrated petrochemical companies in Southeastern Europe for exploration, exploitation and processing of oil and gas and sale of their derivatives. Gazprom Neft and the Serbian government are the largest shareholders.

NIS operates in a number of European countries. It is involved in exploration and exploitation projects in Serbia, Hungary, Romania, Bosnia-Herzegovina and Angola.

RAG operates in Austria, Germany, Hungary and Poland. The projects in Hungary are run by RAG Hungary, which is fully owned by RAG.

Besides exploration and exploitation, RAG is also involved in underground gas storage and is considered as on of the largest European companies in that domain.

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