Eni and Novatek signed on September 14, 2016, a Concession Contract with the Government of Montenegro related to the exploration of 4 blocks in the country’s offshore.
Earlier, in 2014, NOVATEK jointly with Eni submitted a bid for the 4 offshore blocks with the Government of Montenegro selected the consortium as the best bidder and passed the concession proposal to the Parliament in 2015.
In the end of June 2016 Montenegro’s parliament approved an agreement with a consortium between Italy’s Eni and Russia’s Novatek on offshore oil and gas exploration.
The Concession Contract assigns to Eni the role of Operator with a 50% of interest in the exploration licenses 4118-4, 4118-5, 4118-9 and 4118-10.
Novatek is a partner in the concession with the 50% stake.
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 and have been awarded following the First International Competitive Bid Round.
