Tuesday, February 22, 2011

Montenegro plans to explore the Adriatc Sea – 15 international companies express interest

On December 24, 2010 Montenegro invited international oil and gas companies to take part in its oil and gas exploration activity. About 15 international companies have expressed interest in searching for hydrocarbons offshore Montenegro where it hopes to cover its oil and gas needs from its own resources.

  •  Montenegro currently has no oil production
  • A two-year exploration concession is offered along with a 30-year license that would cover research as well as possible production from several locations thought to hold commercial deposits off its southern Adriatic coast.
  • The area to be included in the first exploration phase covers 4000 square kilometers.
  • The concession deal would include all phases of exploration, verification, development and exploitation of the deposits with a possibility to extend the concession duration.
  • The 15 international companies which have expressed interest are as follows: Novatek-Russia; NIS- Gazprom NEFT – Serbia, HESS Corporation –USA; Trajan Oil&Gas-Energian Oil&Gas Great Britain – Greece; Edison SpA – Itally; Geopartners Limited – Great Britain; TDE Services – Hungary; HELLENIC Petroleum – Greece Sterlin Energy PLC – Great Britain; ENI – Italy; Northern Petroleum PLC – Great Britain; Total – France; INA – Croatia; Statoil ASA – Norway I Premieroil – Great Britain.

  • The existence of basic preconditions for oil and gas in the Adriatic geological basin has been proven.

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