Italy’s Eni is entering Montenegro’s upstream market by exploring four blocks.
Eni signed a concession contract with the government of Montenegro for the exploration of four offshore blocks covering a total area of 1228sq km that were awarded following the country's first international competitive bid round.
According to the terms of the contract, Eni will be operator with 50% stake in exploration licenses 4118-4, 4118-5, 4118-9 and 4118-10. OAO NOVATEK is a partner in the concession with the remaining 50% stake.
The entry into the country’s upstream is part of the company’s strategy aimed at strengthening its exploration portfolio in an area where the company has been leader in the exploration and production activities since the early 60s, Eni said.