February 1 (SeeNews) - Russian oil and gas company Novatek is set to invest 40 million euro ($49.8 million) in geological surveys in Montenegro, Moscow-based media reported.
"We plan to invest 40 million euro in the geological surveys of projects in Montenegro," Russian news agency RIA Novosti quoted Novatek deputy chairman, Mark Gyetvay, as saying on the sidelines of the European Gas Conference in Vienna on Wednesday.
In September 2016, Montenegro signed a concession contract with Novatek and Italy's Eni for the development of exploration blocks 4118-4, 4118-5, 4118-9 and 4118-10 with a total area of about 1,200 square kilometres located in Montenegrin territorial waters. Novatek and Eni each hold 50% stake in the concession.
The two companies are completing a study to determine the environmental impact of 3D seismic studies in four oil and natural gas blocks offshore Montenegro under a contract awarded in 2016, the country's energy minister Dragica Sekulic said last month.
($ = 0.802679 euro)