Energean Oil & Gas, Greece’s sole oil producer, has begun 3D seismic survey work at its offshore exploration and production licenses in Montenegro in search of additional hydrocarbon deposits.
Norway’s PGS has been commissioned for the task, whose results are expected in the third quarter of this year. The PGS survey work on behalf of Energean Oil & Gas is expected to be completed within February.
A PGS seismic ship, Ramform Titan, entered Montenegro’s offshore area on Wednesday and anchored about one mile from the coast, near Bar, the country’s main sea port. Its 3D seismic survey work plans to scan offshore areas between Bar and the Montenegrin town Budva.
Energean Oil & Gas took part in a tender in 2014 and acquired licenses measuring a total of 338 square kilometers in two Montenegro offshore areas. The company went on to sign exploration and production licenses for these plots in March, 2017.
Both areas are believed to be promising. An independent industry firm believes they could contain 1.8 trillion cubic feet of natural gas and 144 million barrels of oil.
Montenegro’s plots have drawn major international players. A consortium made up of ENI and Novatek recently completed seismic surveys at four offshore blocks adjacent to those held by Energean Oil & Gas.