How Much Oil Does Serbia Really Have: The Energy of the Future or the Remnants of Former Wealth?

Today, oil is extracted from a total of 67 fields, 63 of which are located in Vojvodina. Practically the entire northern Banat region is crisscrossed with underground veins of oil - most notably between Zrenjanin, Kikinda, and Vrsac. There lie the oldest and most productive fields: Velebit, Kikinda, Mokrin, Idjos… For years, they have produced the majority of Serbia’s domestic output.

However, in recent years, oil has also been found further south.

In the Branicevo District - around Pozarevac, Kostolac, Veliko Gradiste, and Malo Crnice—new, smaller fields have been discovered: Sirakovo, Kasidol, and Bradarac - Maljurevac.

Since the 1950s, about three thousand wells have been drilled, with around 800 currently active. The deepest well is located in central Banat, near the village of Krajisnik, reaching depths of up to 4,650 meters below ground.

How Much Oil Does Serbia Actually Have?

It is estimated that since 2013, oil production in Serbia has dropped by around 50 percent, indicating that key fields have been partially depleted.

The true reserves are considered a state secret, but according to data from 2015, Serbia had about 15 million tons of oil, more than half of which has already been extracted by NIS. That amount, without imports, would be enough to cover about three years of domestic consumption.

If all existing natural capacities were fully utilized, domestic oil fields could supply the Serbian market for about seven years at current consumption levels.

Who Exploits Serbia’s Oil?

Almost all oil fields in Serbia are operated by the Petroleum Industry of Serbia (NIS). However, that oil is no longer truly “ours.” Gazprom Neft purchased a majority stake in NIS in 2008 for €400 million. In return, the Russians obtained, among other things, all extraction rights.

Today, through two sister companies - Gazprom Neft and Intelligence - Russia owns more than 56% of the company, Serbia holds 29%, and the rest is traded on the stock exchange.

Over the past decade, production has been modernized, and the introduction of new methods - such as water injection and horizontal drilling - has improved the efficiency of extracting remaining reserves.

Energy Independence - Far from Reality

Even though we have wells and at least some domestic oil, can Serbia be energy independent? The answer is - no. Annual domestic production is around 1.2 million tons (as of 2020), which covers only about a quarter of the country’s total fuel consumption. Today, Serbia meets just over 20% of its demand for oil derivatives from domestic sources, while the rest must be imported.

Serbia’s Black Gold - Limited but Precious

When it comes to new deposits, geologists believe potential still exists. Fields near Idjos, Kikinda, and Kasidol, close to Pozarevac, indicate that the resources remain active.

Estimates suggest that from existing, deeper layers, another 3.5 million tons could be extracted. This additional potential might extend the life of Serbia’s domestic oil wells by another ten to fifteen years.

Serbia may not sit atop vast oil wealth, but the current situation shows that today - every drop of oil counts

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