Government of FBiH signed Memorandum of understanding with the leading international oil and gas enterprise Shell Exploration Company B.V. from Holland in Sarajevo today.

Memorandum was signed by Prime Minister of FBiH Nermin Niksic and Federal Minister of Energy, Mining and Industry Erdal Trhulj and vice president of Portfolio for research and strategy of Shell Marcus Antonini and director for new investments and delivery Michael Foley.

''Geological research of oil and gas are of strategic interest for the Federation. By implementing activities from this Memorandum assumptions will be secured for a very possible exploitation of oil and gas in FBiH. This way Government of FBiH is realizing its commitment towards intensifying economic development and attracting international investments, this time in research and development of resources of hydro-carbonate, which is exactly what Shell has the best experience in, acquired all over the world'', Prime Minister Niksic emphasized.

Government of FBiH committed to make data at disposal of the Federal Institute for Geology and enterprise Energoinvest available for Shell, based on which the company will make digitalized geological and geophysical demonstration of this data, as well as structural reconstruction of the tectonic molding.

Results of the current research conducted in our country, but also research in neighboring countries point to realistic possibility of existence of profitable supplies of oil and gas in BiH, PR Office of FBiH announced.

Shell is the leading European and 2nd biggest world company dealing with research and exploitation of gas and oil. In the third quarter of 2011, according to the report of Financial Times, they realized profit of 7.2 billion dollars.

They employ around million people on global level, and research of the area of the Federation is one of the new twenty development projects.

After Shell determines where and in what quantities there is oil and gas, in case of positive findings, first research boreholes in FBiH can be expected in 2013 and exploitation at the beginning of 2015.