Energean Oil & Gas said on June 29 that it has reached an
agreement with the Ministry of Economy of Montenegro upon Hydrocarbons
Exploration and Production for offshore blocks 4219-26 and 4218-30.
The proposed Concession Contract, Joint Operating Agreement and
Accounting Agreement are subject to the approval of the Parliament of
Montenegro.
The western offshore Adriatic has been a prolific
hydrocarbon-producing province for over 50 years for both oil in and
biogenic gas in Italy and Croatia.
By contrast, the eastern Adriatic remains substantially
underexplored, despite having what appears to be the entire necessary
hydrocarbon generating components in place.
Energean said it believes Montenegro may sit in the “sweet spot” of
this untapped, under explored potential in the eastern Adriatic. “The
company is familiar with the geology of the wider area, as it has been
exploring two blocks, onshore Ioannina and offshore Katakolo, both in
Western Greece,” Energean said.
https://www.neweurope.eu/article/greeces-energean-montenegro-reach-deal-2-offshore-blocks/