Italian oil firm Eni and Russian energy firm Novatek will explore for oil and gas in the Adriatic Sea, offshore Montenegro.

Novatek and Eni will take stake in four offshore blocks, with each holding a 50 percent share. Eni has been appointed the operator.

Blocks 4118-4, 4118-5, 4118-9 and 4118-10, comprising a total area of approximately 1.2 thousand square kilometers, are located in the territorial waters of Montenegro.

The bids for these four blocks were submitted in 2014. The Government of Montenegro selected the consortium as the best bidder and passed the concession proposal to the Parliament in 2015.

In June 2016, the Parliament of Montenegro resolved on concluding the concession contract with Novatek and Eni..

Source: www.offshoreenergytoday.com