As a preview of Energean Oil & Gas SA’s estimated $5 million spend for 3D surveys and geological and geophysical studies in 2018, the company has reported that its two offshore Montenegro blocks could contain 1.8 tcf of natural gas and 144 million bbl of liquids, or a total of 438 million boe.
Energean is the sole operator of Blocks 4218-30 and 4219-26 in the eastern Adriatic Sea offshore Montenegro. The two shallow-water blocks cover 338 sq km. Energean signed a concession agreement with the state of Montenegro in March. Netherland, Sewell & Associates provided details of the blocks’ prospective resources in its competent person’s report (CPR).
Energean Chief Executive Officer Mathios Rigas said, “The CPR further suggests that Montenegro sits in the ‘sweet spot’ of untapped potential in the eastern Adriatic.” The region appears to have a working petroleum system with extensive sandstone and carbonate reservoir development but remains largely underexplored. The western Adriatic has produced both oil and biogenic gas and Rigas believes, “the same hydrocarbon plays extend into offshore Montenegro.”
Energean is actively exploring western Greece to the south and has developed an understanding of the region’s geology, Rigas added (OGJ Online, Sept. 8, 2017).
Contact Tayvis Dunnahoe at [email protected].
