Bloomberg: Serbia’s NIS, Austria’s RAG Co-Venture in Hungary

Naftna Industrija Srbije AD, a Serbian oil company controlled by OAO Gazprom Neft, agreed with Rohoel Aufsuchungs AG of Austria on joint oil and gas exploration and production in Hungary.

The partners agreed to split costs and expected profits from the 2,255 square kilometer (870 square-mile) area in the Kiskunhalas area in southern Hungary, the Belgrade-based company, also known as NIS, said in an e-mailed statement. Drilling is to begin in 2012 and NIS will get 50 percent of any output from the field for which RAG holds the license, it said.  HERE