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Novatek to invest about $50 mln in the exploration project in Montenegro

Novatek is set to invest $49.9 million in geological surveys  in Montenegro.

Novatek to invest about $50 mln in the exploration project in Montenegro

Russia´s Novatek is set to invest about $50 million in geological surveys in Montenegro, the company´s deputy chairman said on January 31, 2018.

«We plan to invest 40 million euro in the geological surveys of projects in Montenegro,» RIA quoted Novatek´s deputy chairman, Mark Gyetvay, as saying on the sidelines of the European Gas Conference in Vienna.

In September 2016, Novatek and Eni signed a concession contract with Montenegro for the exploration and production of hydrocarbons for 4 offshore blocks in Montenegro. Each company will participate in the concession with a 50% share, and Eni was appointed as the Operator.

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.

The 2 companies are completing a study to determine the environmental impact of 3D seismic studies in 4 oil and natural gas blocks offshore Montenegro under a contract awarded in 2016, the country's energy minister Dragica Sekulic said last month.

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