Eni and Novatek in Montenegro deal

Montenegro

ROME, September 15, 2016 – A consortium of Italy’s Eni and Russia’s Novatek obtained a 30-year oil and gas exploration concession from Montenegro’s government, Eni revealed yesterday.

The contract is for four blocks covering a total area of 1,228 square kilometres in the Adriatic Sea and was awarded following a 2014 tender which initially covered 3,000 square kilometres. Eni and Novatek now each own a 50% stake in the exploration licences 4118-4, 4118-5, 4118-9 and 4118-10.

The 2014 tender was Montenegro’s first international competitive bid round. The small Balkan country, which currently does not produce oil and gas, hopes to find enough resources to cover its domestic hydrocarbons demand.

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