Montenegro: Energean Oil & Gas claim there is oil and gas certainly in offered concession blocks

22. October 2014. / SEE Energy News

Representatives of the Greek company “Energean Oil & Gas”, one of the six which applied for the tender for offshore exploration from Budva to Ulcinj, consider that eventual oildiscovery in the Montenegrin coast will strengthen the position of Montenegro in terms of energy supply.

Sotiris Ciotakis said that they were very familiar with the geology of the region, and that there was strong evidence that oil and gasexisted in the waters of Montenegro.

“Geology has no boundaries, and therefore it should have beenreserve in the part of Montenegro. It has been proven the existence of gas and oil fields in Italy, Albania and Croatia, and we believe that there are in Montenegro”, said Ciokatis.

According to him, the national economy will have a lot benefitof potential use of locally produced gas, which would be much cheaper than imported gas.

“The production of local gas may positively affect the state budget. The state will receive nearly 60 percent of the total revenue that will be generated from the oil and gasproduction, and also will be opened new jobs, said Ciotakis.

Greek company made an offer for three units in Montenegrin waters and it will last seven yearsaccording to the terms of the tender exploration.
“As we get more units, bigger space will be investigated. If will be so, we have to wait for the results of the tender. If hydrocarbons are discovered, production could begin in 2021stor 2022nd”, he said.

The company “Energean Oil & Gas” which is focused on Eastern Mediterranean and North Africasubmitted the application for three units for oil and gas exploration in the Montenegrin off shore to the consortium with the British.

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