Podgorica, March 5, 2015/ Independent Balkan News AgencyBy Adnan PrekicThe First Adriatic Oil & Gas Summit, which aims to examine the latest opportunities and challenges of the Oil & Gas sector in the Adriatic region, will be held on March 10-11, 2015 in Budva, Montenegro.The summit will be held at a moment when regional countries are trying to find investors who will explore oil and gas deposits in the Adriatic littoral. Croatia is already in the final stage of this process since it has already received offers from foreign companies. Montenegro has launched a tender at which three foreign companies responded. Government of Montenegro should as early as April submit to the Parliament a draft contract and the decision on giving concession. The contract will be prepared based on the bids submitted in the tender, which was closed on May 15 last year. The final decision on the allocation of the concessions will be adopted by the Assembly of Montenegro.The Adriatic Oil & Gas Summit has been formed to provide a platform for ministries and government departments to engage with international and local investors to showcase the opportunities available throughout the region and specifically to highlight Montenegro, Croatia and Albania. The summit programme will feature senior governments and industry speakers and they will examine the latest opportunities, challenges and identify solutions for the successful and sustainable development of the Oil & Gas sector in the Adriatic region, as well as covering the regulatory framework, financing, infrastructure and service requirements to support the development of the industry.Montenigrin deputy Minister of economy Vladan Dubljevic explains that the timing of the Adriatic Oil & Gas Summit is ideal because it allows us to engage with the international oil and gas community. We are looking forward to interacting with them directly and to carefully explain what our region has to offer, as well as to discuss the many challenges that we have to face as our industry develops.The international tender for oil and gas exploration in the Montenegrin undersea yielded three bids. Registered companies have expressed interest to explore in one of the so-called 13 blocks of a total area of 3,000km in the southern and eastern part of the Montenegrin undersea. It is expected that the negotiations will be completed by the end of the year, after which exploration can begin. The tender predicts that Montenegro will earn 65% of the total revenue from the eventual discovery of oil and gas.The Adriatic Oil & Gas Summit is organised by the Global Event Partners, specialist international event organiser in the oil and gas industry. The Adriatic Oil & Gas Summit is a unique opportunity for interested parties to attend such event, organised for the first time in Montenegro.