//= bu('dist/style.css') ?>
NIS and Rohöl-Aufsuchungs Aktiengesellschaft via its Hungarian subsidiary RAG Hungary Kft, Budapest (RAG) have today entered into agreements to jointly explore and develop conventional hydrocarbon resources in the Kiskunhalas exploration license west of the city of Szeged in southern Hungary. The license held by RAG Hungary comprises and area of 2255 km2. The aim of the cooperation is to combine investments and share the risks and benefits inherent to the exploration of gas and oil resources. Under the terms of the agreements NIS will earn a 50 percent participating interest.
After the acquisition and interpretation of a high quality 3D seismic in 2011 the partners plan to drill the first exploration wells in 2012. Exploration, appraisal and development costs and production in the license area will be shared in accordance with the parties participating interest held under a Joint Operating Agreement. RAG Hungary shall be the operator under the agreements. By combining skills, knowledge and experience in neighbouring exploration areas in Hungary and Serbia the cooperation will create benefits for both partners and will stimulate investments in exploration activities in Hungary.
Kirill Kravchenko CEO of NIS said:
“Partnership with RAG is another step towards the realisation of our strategy. NIS actively develops its business abroad. In the focus of our attention in the field of oil and gas exploration is the area of thePannonia basin, and today in our portfolio there is a severalperspective production projects in the territory of Hungary, Romania and Bosnia in which we are involved , and in which we developknowledge and expertise in that area. Currently, our portfolio has several perspective production projects in Hungary, Romania and Bosnia. The main goal of our development in this direction is the increase in volume of hydrocarbon production in the future – equally important is the resource base and reserve level increase. In this process, we cooperate with the best partners – leaders in their industries. The partnership with RAG gives us new experience, new geographical and technological perspectives“.
About RAG:RAG carries out E&P activities in Austria, Germany, Hungary and Poland. In Hungary, RAG’s operations are carried out by its
100% subsidiary RAG Hungary.
In addition to exploration and production RAG is one of Europe’s largest operators of underground gas storage. The gas storages of RAG and its storage partners not only serve the Austrian market but provide users in the larger Central European region with storage capacity of 5 BCM targeting up to 6 BCM by 2014.