Greece’s Energean Oil & Gas announced on March 15 that it has
signed an exploration and production Concession Contract with the State
of Montenegro covering offshore blocks 4219-26 and 4218-30, following
approval from the Parliament of Montenegro.
Montenegro’s Minister of Economy
Dragica Sekulic and Energean CEO
Mathios Rigas
signed the contract in Podgorica that foresees a total investment over
an exploration period of seven years of $19 million, including the
funding of a new 3D seismic survey, geophysical and geological studies,
and the drilling of one well.
The two blocks are located offshore at a water depth of 50-100
metres, close to the Montenegrin coast in the vicinity of the town of
Bar. Energean plans to begin the 3D seismic acquisition during the first
quarter of 2018.
The Eastern Adriatic has been substantially underexplored to date,
despite having similar geology to the wider Adriatic Zone, which is well
known for its prolific hydrocarbon systems in Italy, Albania and
Croatia, and has been a significant oil and gas-producing region for
over 50 years. This latest announcement further underpins Energean’s
commitment to seeking to open up the oil and gas opportunities in this
highly promising territory.
Rigas, hailed the signing of the Concession Contract, saying it marks
a significant day for Energean and its continued growth, as the Greek
company enters the Adriatic region. “Whilst a number of major oil and
gas companies left the area during the period of sustained low oil
prices, Energean remained committed to pursuing the development of the
region, and is now extremely well placed to take advantage of this
commitment and focus,” Rigas said. “We believe the geology to be similar
to that in Western Greece, where we have been exploring since 2014
(onshore Ioannina), have a Field Development Plan in progress offshore
West Katakolo, and are ready to sign a new contract for a further block
(onshore Aitoloakarnania),” the Energean CEO said.
“Furthermore, our strong track record of operating in environmentally
sensitive areas, successfully operating the Prinos oil field in
Northeastern Greece, which has been producing oil since 1981, ideally
places us to drive through this project for the benefit of the local
economy and Montenegrin people,” Rigas concluded.
https://www.neweurope.eu/article/greeces-energean-inks-contract-drill-offshore-montenegro/