Minister of Economy Dragica Sekulic and CEO of the Greek company Energean Oil & Gas Mathios Rigas, signed a concession agreement on producing and exploring hydrocarbons in the offshore of Montenegro.
This means that oil and gas exploration in the southernmost part of the Montenegrin undersea area can start.
“The hydrocarbon exploitation is planned in the way that the state and citizens will achieve the maximum benefits. By signing this agreement we have entered the second phase aimed at further researching that will determine whether we have the resources for commercial use,” said Sekulic at a press conference in the Gorica Villa.
She pointed out that the company that conducts research guaranteed compensation damage was caused.
“All the research activities will be conducted in accordance with the highest environmental standards of the European Union”, said the minister.
She added that the new tender for exploring will be called in early 2019.
Energean CEO said that a three year long process was completed on Tuesday.
“We are committed to research and exploitation of hydrocarbons in the Montenegrin seabed. We have researched the waters of Greece for 35 years and we have not had any environmental problems or incidents. We will use our expertise in order to create new jobs and we will take care of the environment,” said Rigas.
He pointed out that cooperation with Montenegrin institutions was commendable so far and hoped that this relationship would continue.
This is a 30 year concession and refers to the two blocks in the vicinity of Ulcinj, on the border with Albania. The Greek company can explore six blocks of Montenegrin coastline.
