“Shell“ gave up on the Oil Exploration in the Federation of B&H

shellThe multinational company “Shell“ will not explore oil in the Federation of B&H, as it was announced earlier.

Reuters wrote that “Shell“ is withdrawing due to “changes in the energy environment“.

They remind that in 2011, Federation of B&H signed an Agreement on understanding with “Shell“, which was then extended during 2013 and 2014.

In a letter to the Government of the FB&H, “Shell“ stated that negotiations were not continued and that the Agreement expires on 4th November.

The  company stated that it will not seek to extend the Agreement “in a light of the current energy environment“.

According to the earlier Agreement, it needed to invest between $ 300 and $700 million in the oil exploration in the FB&H.

After “Shell“ gave up, Government of the FB&H will discuss the letter received from this company.

Reuters stated that, during this week, “Shell“ also gave up on the oil exploration in the Arctic.


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