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http://rbcnews.com/free/20120305175226.shtml

Gazprom Neft unit mulls expansion

RBC, 05.03.2012, Moscow 17:52:26.Gazprom Neft's Serbian subsidiary Naftna Industrija Srbije (NIS) is pondering expansion into the oil and gas markets of Hungary, Romania, Croatia, as well as gaining a foothold in Greece and Angola, Alexey Ovechkin, CEO of Gazpromneft Orenburg, said in an interview with the corporate magazine. Until February 13, Ovechkin was director for upstream operations at NIS.

NIS targets to boost annual output to 5m tons of oil equivalent by 2020 from the current 1.5m tons. It expects projects in neighboring countries to source at least 50% of its total output. To achieve this goal NIS needs to aggressively invest in explorations in Serbia and neighboring countries, which the company has been doing for some time, Ovechkin added.

Specifically, NIS is in talks with international company Falcon Oil & Gas Ltd., which is licensed to explore a block in Hungary, to establish a joint venture on a parity basis. In 2013, NIS expects to start commercial production at Hungary's Kiskunhalas field, operated jointly with RAG Hungary Kft. Talks are also underway with several companies operating in Romania, including Canada's East West Petroleum, as well as with Greece's Hellenic Petroleum over offshore explorations in Greece.