Mediterranean explorer Energean Oil & Gas praised the “untapped potential” of its two blocks offshore Montenegro, which can maintain 1.eight TCF of gasoline and 144 MMboe of liquids (438 MMboe in whole), in accordance with a brand new report by Netherland Sewell & Associates (NSAI).

Energean owns 100% curiosity in blocks 4218-30 and 4219-26, which had been awarded in March this yr. The blocks cowl 338sq km in shallow water (50-100m), within the jap Adriatic Sea, offshore the southwest facet of the nation.

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The Greece-based explorer stated the NSAI report is a part of a three-year exploration section, which features a 3D seismic survey set to start Q1 2018 over the 2 blocks. Energean estimates the preliminary exploration section to value US$5 million.

“The [competent persons report] additional means that Montenegro sits within the ‘candy spot’ of untapped potential within the jap Adriatic,” stated Energean CEO Mathios Rigas. “The space stays considerably underexplored, regardless of having what seems to be working petroleum system with in depth sandstone and carbonate reservoir improvement.

“The western offshore Adriatic has been a prolific hydrocarbon-producing province for over 50 years for each oil and biogenic gasoline and we consider that the identical hydrocarbon performs prolong into offshore Montenegro.”

Energean holds curiosity within the 37 MMbbl (2P) Prinos license offshore Greece, and its Israeli subsidiary (a 50-50 partnership between Energean and Kerogen Capital) holds 100% curiosity within the Karish and Tanin fields offshore Israel.

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Energean is just not alone in wanting discover offshore Montenegro. Italian explorer Eni signed a concession for gour offshore blocks 4118-Four, 4118-5, 4118-9 and 4118-10 again in September 2016. Eni has a 50-50 partnership with OAO Novatek for the blocks, which span 1228sq km.

Source: www.oedigital.com

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