Greek company invests in Montenegro hydrocarbons

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Despite the crisis, Energean Oil & Gas has made a significant step towards international success

20 March 2017

Greece may be in need of foreign investment, however there are some enterprises which not only manage to stay afloat during the ongoing crisis, but also to actually expand to the broader Balkans. Such is the case for Energean Oil & Gas, which made a significant step towards international success, signing a seven-year Concession Agreement for hydrocarbons exploration production with the State of Montenegro.

The €19 million contract was signed on Wednesday by Dragica Sekulic of the Ministry of Economy in the State of Montenegro, and Mathios Rigas, Chairman and CEO of Energean Group, during a ceremony held at Podgorica. The Montenegrin parliament has already approved the agreement, which concerns Blocks 4219-26 and 4218-30 off the country’s coast, and includes a new 3D seismic survey (to begin in the first quarter of 2018), the preparation of geophysical and geological studies, and the drilling of one well.

The two blocks are at a depth of 50-100 metres near the coast of Bar. Energean Oil & Gas has been active in the western Greece region since 2014, but its entry in the Adriatic is raising its status to an international level.

Commenting after the deal, Rigas said: “I am delighted to sign this concession contract, which marks a significant day for Energean and our continued growth, as we enter the highly promising Adriatic region. Whilst a number of major oil and gas companies left the area during the period of sustained low oil prices, Energean remained committed to pursuing the development of the region, and is now extremely well-placed to take advantage of this commitment and focus.”


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