Energean set to sign Montenegro offshore licenses

Montenegro’s government and Greek firm Energean Oil & Gas are just days away from signing a hydrocarbon exploration and exploitation agreement for two offshore blocks in the Adriatic Sea, sources have told energypress.

The agreement has already been approved by the Montenegrin parliament and the neighboring country’s finance ministry is now planning to invite Energean officials to Podgorica to sign contracts.

As pointed out by Energean officials, the west side of the Adriatic has proven to be a particularly rich area for hydrocarbon exploration and production over the past 50 or so years. Italy has benefited from oil output, while the region has also produced gas output for Italy and Croatia.

On the contrary, the east side of the Adriatic essentially remains underexplored, despite its prospects.

Energean believes that Montenegro’s offshore blocks could offer great potential. The Greek company has conducted extensive geological studies in the area. Ongoing work carried out by Energean at its nearby Greek licenses in Ioannina and Katakolo over the past two years has increased the company’s familiarity with the region.