Montenegro to announce tender for exploitation of petroleum and gas in October

Montenegro will announce tender for exploitation of oil and gas in southern part of its coastal territory prior to mid-October, and Hungarian "Mol" is among about 20 companies interested in that tender.

- We are now only preparing the models of contract and waiting for adoption of the Law - said Vladan Dubljević, the Assistant to the Montenegrin Minister of Mining.

Montenegrin Government will offer permits for work in the coastal area of the city of Ulcinj where three blocks of total size of 45,000 square meters are situated.

According to some estimates, there are about 7 billion barrels of oil and about 425 billion cubic meters of gas in that location.