Energean secures two blocks offshore Montenegro

Offshore staff

ATHENS, Greece Energean Oil & Gas has reached an agreement with the Ministry of Economy of Montenegro upon Hydrocarbons Exploration and Production for offshore blocks 4219-26 and 4218-30.

The proposed concession contract, joint operating agreement, and accounting agreement are subject to the approval of the Parliament of Montenegro.

The western offshore Adriatic has been a prolific hydrocarbon producing province for more than 50 years for both oil (Italy) and biogenic gas (Italy and Croatia). By contrast, the eastern Adriatic remains substantially underexplored, despite having what appears to be all the necessary hydrocarbon generating components in place.

Energean said it believes Montenegro may sit in the “sweet spot” of this untapped, underexplored potential in the eastern Adriatic. The company is familiar with the geology of the wider area, as it has been exploring two blocks, onshore Ioannina and offshore Katakolo, both in western Greece.


Share your news with Offshore at news@offshore-mag.com

Offshore Montenegro blocks
(Map courtesy Energean Oil & Gas)

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...