Novatek, Eni to explore for oil and gas offshore Montenegro

Russia’s Novatek, the operator of the Yamal LNG project, and Italian energy giant Eni on Wednesday signed a deal to explore for oil and gas in the Adriatic Sea, offshore Montenegro.

The concession contract signed with the Government of Montenegro entails the exploration and production of hydrocarbons for four offshore blocks in the Balkan state.

The blocks have been awarded to Eni and Novatek following Montenegro’s first international bidding round.

Each company will participate in the concession with a 50% share, and Eni was appointed as the operator, Novatek said in its statement.

Blocks 4118-4, 4118-5, 4118-9 and 4118-10, comprising a total area of approximately 1.2 thousand square kilometers, are located in the territorial waters of Montenegro, Novatek noted in the statement.