The Russian oil and gas company, Novatek, plans to invest 40 million euros in geological exploration in Montenegro, according to Moscow media. In September 2016, Montenegro signed a concession contract with Novatek and the Italian Eni for the development of research blocks 4118-4, 4118-5, 4118-9 and 4118-10, with a total area of about 1,200 square kilometers of Montenegrin territorial waters.
Novatek and Eni have a 50% stake in the concession. The two companies, as reported, are finishing a study to determine the impact of 3D seismic studies on four oil and gas blocks in Montenegro. This is an opportunity to valorise the energy resources the state has and the ultimate goal is to discover commercial oil and gas deposits, as well as responsibly manage those resources.
Company name: Novatek; Eni;