Montenegro to conduct oil and gas explorations

Montenegro to conduct oil and gas explorations

Montenegro starts the first quest for oil and natural gas. The first oil and gas borehole will be drilled outside the territorial waters of Montenegro, around 22 km away from the coastline, said the representatives of the Hydrocarbons Administration.

The findings of the first research boreholes will show whether there are reserves of oil and gas and if the potential reserves will be appropriate for commercial use.

“The results of the drilling will show if there are oil and gas reserves in the chosen structures. Although geophysical research has been carried out in accordance with the most contemporary methods, we cannot tell more about the hydrocarbon potentials of the Montenegrin underwater based on the data collected so far”, said the representatives of the Administration.

In accordance with the Agreement on Concession for Research and Production of Hydrocarbon in blocks 4, 5. 9 and 10, signed with the Italian-Russian Consortium Eni-Novatek, 3D geophysical imaging of the blocks was carried out in November and December last year.

“The objective of the geophysical imaging is to collect data on the structure of the underwater in defined blocks. As far as blocks 4, 5, 9 and 10 are concerned, collected and processed data are intended to identify accurate locations for drilling”.

As for the blocks 30 and 26, 3D geophysical imaging was carried out in February this year.

“The collected data are in the processing phase and they are expected to be completed by the end of year2, said the representatives of the Hydrocarbons Administration.

They also told the media that, in accordance with the results of recently completed exploration in the Montenegrin submarine zone, oil prices on the market and the interest of oil companies, `they would announce a third tender for the award of exploration and production contracts./ibna