Serbia upstream summary Report

Country Report 11 March 2025

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Report summary

Serbia is a mature hydrocarbon region within southern Europe. Exploration and production is dominated by ex-state owned Naftna industrija Srbije (NIS). Despite the companies best efforts further exploration and development is needed to reverse the long term decline in production.

Executive summary
Key facts
Location maps
Key companies
- Naftna Industrija Srbije (NIS)
  - Overview
  - Ownership structure
Geology
- Introduction
- Pannonian basin
  - Overview
  - Reservoirs
  - Source
  - Traps and seals
Exploration
- Licensing
  - Overview
  - Regulatory oversight
- Drilling
  - Drilling activity
  - Recent and future E&A activity
  - Historical E&A activity
Reserves and resources
- Reserves
  - Reserves by basin
Production
- Liquids
  - Historical production
  - Recent and future production
- Gas
  - Historical production
  - Recent and future production
Infrastructure
- Oil infrastructure
  - Overview
  - Midstream operator
  - Key pipeline infrastructure
  - Serbia-Hungary interconnector
  - Refineries
- Gas infrastructure
  - Overview
  - Midstream operator
  - Key cross-border pipeline infrastructure
  - Gas processing
  - Underground gas storage (UGS)
Costs
- Capital costs
  - Capital expenditure by location
- Operating costs
  - Operating expenditure by location
Policy and regulation
- Key legislation
  - Law on Mining and Geology Explorations
  - Law on Public-Private Partnership and Concessions
  - Law on Energy
  - Other key legislation
- Regulatory body
  - Ministry of Mining and Energy
  - Energy Agency of the Republic of Serbia (AERS)
- State oil company
Fiscal terms
- Overview
- Current fiscal terms
- Concessions
  - Basis
  - Licence terms
  - Government equity participation
  - Bonuses, rentals and fees
  - Indirect taxes
  - Royalty
  - Corporate income tax
  - Fiscal treatment of decommissioning
  - 2 more item(s)...