ENI-Novatek consortium begins offshore oil exploration in Montenegro

Energy Trade

Italy's oil and gas company ENI and Russia's Novatek started exploratory drilling for oil in waters offshore Montenegro, reported web portal CEenergynews.com, citing the Montenegrin Ministry of Capital Investments.

The Topaz Driller drilling rig arrived onsite in Montenegro in mid-March. ENI and Novatek will drill the first oil exploration well 26 kilometers (16 miles) from the coast with a planned depth of 6,525 meters (21,407 ft). Drilling operations will last between four and a half to six months, depending on the results.

Montenegro signed a 30-year concession agreement with the ENI-Novatek consortium back in 2016 for the development of exploration blocks 4118-4, 4118-5, 4118-9 and 4118-10 with a total area of about 1,200 square kilometers located in Montenegrin territorial waters. ENI and Novatek each hold a 50% stake in the concession.

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