Greek explorer Energean Oil & Gas 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 (Italy) and biogenic gas (Italy
and Croatia), says Energean.
"By contrast, the eastern Adriatic remains substantially underexplored,
despite having what appears to be all the necessary hydrocarbon
generating components in place," it says.
"Energean 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."
(
OE Digital
)