January 8 (SeeNews) - Montenegro plans to call a tender for offshore exploration of oil and natural gas this year, Podgorica-based media reported on Monday.
The government aims to attract multiple companies to its offshore exploration areas, but this process should be carried out cyclically, energy minister Dragica Sekulic said in an interview for news agency Mina Business.
Italy's Eni and Russia's Novatek are currently completing a study to determine the environmental impact of 3D seismic studies in four oil and natural gas blocks offshore Montenegro under a contract awarded in 2016, Sekulic said.
Once the process is completed and after the Environmental Protection Agency issues the necessary licence, 3D seismic research will begin, Sekulic said. The collected data will then be processed and the results interpreted, and then, in the second half of 2019, first exploration drilling will begin, Sekulic said.
In 2014, Montenegro called a tender for the offshore production of hydrocarbons in 13 blocks covering an area of 3,191 sq km. Greek oil and gas group Energean signed a concession contract with Montenegro for the blocks in March 2017.
The total investment in the 4219-26 and 4218-30 blocks over an exploration period of seven years will be $19 million (15.8 million euro), including the funding of a new 3D seismic survey, geophysical and geological studies, and the drilling of one well, Energean said back then.
($=0.8339 euro)