Montenegro to launch new offshore hydrocarbon exploration tender by the end of 2024

According to Montenegrin media, the Ministry of Energy is planning to launch a new tender for awarding a concession contract for offshore oil and gas exploration by the end of 2024.

According to Energy Ministry officials, the main goal of this tender would be to raise the level of awareness of the hydrocarbon potential of the Montenegro's offshore area, with a special focus on the identification of gas prospects.

In 2013, Montenegro launched its first tender for the exploration of 13 offshore blocks covering a total area of 3,100 square kilometers in the Adriatic Sea. It resulted in the signing of two concession contracts, both of which were subsequently cancelled.

In 2016, Montenegro signed a concession contract with a consortium of Italian Eni and Russian Novatek to carry out exploratory oil and gas drilling in exploration blocks 4118-4, 4118-5, 4118-9 and 4118-10 with a total area of about 1,200 square kilometers. Novatek and Eni each held 50 % interest in the concession. After receiving the first drilling results, the consortium decided to abstain from further exploration, which resulted in ending the concession contract in 2022.

In 2017, the Government awarded Greek oil and gas company Energean a concession contract for the exploration of offshore oil and gas blocks 4219-26 and 4218-30 with a total area of 338 square kilometers in the Adriatic Sea. Energean completed the first exploration of the two blocks and was supposed to start a second phase of exploration and to begin drilling but failed to find a partner, which resulted in ending the concession contract in May 2023.

New exploration activities are planned to be carried out at the blocks that were not included in these two concession contracts.

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