If seismic tests prove there was oil in Montenegrin territorial waters, the Greek Energean Oil & Gas company is prepared to start drilling for oil during 2020, ie three years after signing the concession agreement, the company CEO Mathios Rigas told the weekend edition of Dnevne Novine newspaper.
In his interview with DN, he said the company’s primary goal would be to conduct full research with utmost respect for the environment. He invited representatives of the government, NGO’s and local communities to visit Greece and see for that drilling for oil and tourism could go hand in hand.
Not wanting to make estimates, but with some optimism, Rigas said that the possible discovery of oil and gas would bring substantial income from taxes to Montenegro, new jobs and an industry which the entire economy would benefit from, in addition to increasing national resources.
He pointed out that the signing of the contract with Montenegro was very important for his company.
“For us, this process began three years ago when the international tender was called. Since then, we have been committed to exploring hydrocarbons in Montenegro at a time when many companies in this industry are facing major issues and giving up investments. In the last three years we have seen that the price of oil went up to $140, but also fell to $27, but we have been persistent in this investment primarily because our company is focused on the Balkans and south-eastern Mediterranean. The decision to invest in Montenegro has been very important for us because it is a country of strategic importance for our company. We understand the area geology, since we are exploring the western part of Greece, which is of the same geological structure. Therefore this is a known area for us. We understand this people and we feel at home here. Thus the decision to enter this business was a natural one,” said Rigas.
He points out that the discovery of oil would be more than welcome to Montenegro because it would bring many benefits to the government, which would gain, according to law, 60% of the profit.
“If it is run right, the business of oil brings increase in national resources to the country. There is the tax, opening new jobs and setting up an industry the entire economy would benefit from. I’ll tell you that each new job we created in Greece was followed by opening four new jobs in other industries. It is very simple – when we start producing oil, hotels and restaurants will start to work and all other sectors will benefit from this investment,” Rigas explained.
As he said, the primary objective is to discover oil or gas and the second aim is to do this job while respecting the environment and local community.
“It is fundamental for us. Wherever we go, and we operate in a number of countries that are similar to Montenegro, we firstly ensure the preservation of the environment and the areas in which we explore. We have produced oil and gas for 35 years in the Greek seabed, close to islands and beaches in Kavala, and we have never had any environmental issues. There are 16 Blue Flag beaches just four miles from our platforms. The area is visited by millions of tourists every year and Kavala is the third largest fishing village in Greece. So, fisheries and tourism are developing near us, and there is also the Nestos river close to the area we operate in,” Rigas said.
