Novatek, Eni to start exploratory drilling in Montenegro on Mar 25

BELGRADE, Mar 12 (PRIME) -- A consortium of Russian independent gas producer Novatek and Italy’s Eni will start drilling the first exploratory well in Montenegro to check for oil in the country’s shelf zone, on March 25, Montenegrin Capital Investment Minister Mladen Bojanic said in a news conference on Friday.

“We are all very optimistic. We expect significant benefits for Montenegro which will allow us to diversify the economy so that we don’t depend only on tourism and services,” he said.

The Topaz Driller rig, which will do the drilling, should come to Montenegro on Saturday evening, and should drill the well in four to six months.

Subsidiaries of Novatek and Eni signed a concession agreement on exploration and production of hydrocarbons at four shelf blocks with the government of Montenegro in 2016. The companies participate in the concession on a parity basis, and Eni is the project’s operator.

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