Montenegro ‘sweet spot’ of untapped oil: Greek oil firm

Montenegro ‘sweet pot’ of untapped oil: Greek oil firm | Office of Response and Restoration

Montenegro sits in the ‘sweet spot’ of untapped potential in the eastern Adriatic, as it was announced that a first assessment for the blocks estimated to hold as much as 1.8 trillion cubic feet of natural gas.

The chief executive of Greece’s Energean Oil & Gas firm, Mathios Rigas, said released on Thursday the first Competent Persons Report (CPR) for the two blocks in shallow waters offshore Montenegro, compiled by Netherland Sewell & Associates. 

Making his remarks on the resource estimate, Rigas said “The CPR further suggests that Montenegro sits in the ‘sweet spot’ of untapped potential in the eastern Adriatic...The western offshore Adriatic has been a prolific hydrocarbon-producing province for over 50 years for both oil and biogenic gas and we believe that the same hydrocarbon plays extend into offshore Montenegro.”

According to the source, the firm, holding two offshore blocks and the only Greek oil and gas producer is currently the sole operator of the two blocks with 100 percent working interest in both, after it signed a concession contract with the State of Montenegro in March this year.

Energean’s total investment over an exploration period of seven years is expected to be US$19 million, including the funding of a new 3D seismic survey, geophysical and geological studies, and the drilling of one well, the Greek company said back in March.

The first report on the potentially recoverable resources released on Thursday 19th of October is part of the first three-year-long exploration stage, which includes the 3D seismic survey, as well as and geological and geophysical studies.

Energean is focused on the Eastern Mediterranean region, which has been a hot spot for gas developments in recent months. 

At the end of August, Energean received Israel’s approval of its Field Development Plan (FDP) for the Karish and Tanin gas fields offshore Israel which combined have 2.7 trillion cubic feet of natural gas and 41 million barrels of oil equivalent of light hydrocarbon liquids. It is worth mentioning that Israel, for long years, has been investing in offshore oil and gas that belongs to Palestinians.