Eni, Novatek ink contract for blocks offshore Montenegro

Italian multinational firm Eni SPA and Russian gas producer OAO Novatek have signed a concession contract with the Montenegrin government for the exploration of four offshore blocks.

Eni will become operator with 50% interest in exploration licenses 4118-4, 4118-5, 4118-9 and 4118-10, and Novatek will hold the other 50%. The blocks collectively cover 1,228 sq km.

The firms jointly submitted their bid for the blocks in 2014 as part of Montenegro’s First International Competitive Bid Round.