Energean Oil & Gas has reached an agreement with the Ministry of Economy of Montenegro to secure offshore blocks 4219-26 and 4218-30.

The proposed concession contract, joint operating agreement and accounting agreement are subject to the approval of the Parliament of Montenegro.

The western offshore Adriatic has been a prolific hydrocarbon producing province for over 50 years for both oil and gas. By contrast, the eastern Adriatic remains substantially underexplored, despite having “what appears to be all the necessary hydrocarbon generating components in place,” according to Energean.

The company believes Montenegro may sit in the “sweet spot” of the underexplored region and stated that it is familiar with the geology of the wider area, as it has been exploring two blocks, onshore Ioannina and offshore Katakolo, both in Western Greece.

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