Search for Oil and Gas in Montenegrin Undersea Area – Eni and Novatek Commence Exploratory Boring Activities

The consortium of companies Eni and Novatek is beginning the first exploratory oil drilling activities in the Montenegrin undersea area, as confirmed for the Mina-business agency by the Ministry of Capital Investments.

The exploratory boring activities at a depth of 6.53 thousand meters, in the sea area between Bar and Ulcinj, will take four and a half to six months.

The potential of the site is then to be defined, so as to utilize its capacity to the greatest extent possible and define the manner of the production, which could start three to five years after the completion of the initial boring activities.

Eni and Novatek are first exploring the area at around 28 kilometers away from the coast.

Also, within its concession block, the consortium will open another exploratory boring site, this time searching for gas. In a technological sense, this one will be less demanding.

The concession agreement with the consortium of Eni and Novatek was signed in 2016.

So far, Montenegro has signed two agreements on the concession for the production of hydrocarbon in the undersea area near Ulcinj and Bar.

In addition to concessionaires Eni and Novatek, an agreement was also signed with the company Energean in March 2017. This company is currently in the process of looking for a partner for the establishment of a consortium.

Eni

Novatek

Energean

Ministry of Capital Investments

undersea area boring activities

oil explorations

gas explorations

oil

gas