Montenegro: First exploratory drilling postponed due to COVID-19 pandemic

Montenegro: First exploratory drilling postponed due to COVID-19 pandemic

The first exploratory drilling planned for the summer of this year, which will show whether there is oil in the Montenegrin submarine, has been postponed for the next one, due to the coronavirus pandemic, the Montenegrin Hydrocarbons Administration announced.

According to current estimates of the Management, this work is expected to start in the first quarter of next year, i.e., from January to the end of March, Vijesti newspaper writes.

Media in Montenegro reminded that the state has concluded two concession agreements for oil and gas exploration and production, with the Eni and Novatek consortium in 2016, and the other with the Greek company Energean a year later.

“The coronavirus pandemic has caused a decline in business activity in almost all industries globally, including the oil and gas industry. The first exploratory drilling in the Montenegrin submarine, planned for the summer of this year, has been postponed for the same reasons, “said the Administration.

They said that, although in changed circumstances, many activities in Montenegro, which are related to oil and gas exploration, are being carried out unhindered. Preparatory work is underway for the first exploratory drilling, which, according to current estimates, will begin in the first quarter of next year.

“The logistics base is in the port of Bar, where the material that will be used for exploratory drilling is already being delivered,” said the Hydrocarbons Administration.

Bearing in mind that the first exploratory drilling in the Montenegrin submarine was initially planned for the summer of this year, at this moment, as stated by the Hydrocarbons  Administration, all activities related to 3D seismic testing have been completed.

According to the drilling program, the Administration said that the first exploratory drilling in the Montenegrin submarine would last about 180 working days.

“If the activities are implemented according to plan, by the end of next year, we will have information on whether there are commercial oil and gas deposits on the subject blocks in the Montenegrin submarine,” the Hydrocarbons Administration concluded./ibna