Montenegro: Eni-Novatek adjudicated off-shore exploration rights

Eni-Novatek, the Italian-Russian consortium, has been adjudicated the off-shore hydrocarbon exploration and exploitation rights in four blocks in the proximity of the Montenegro-Albania border. The decision was taken by Montenegro’s government, which specified that the concession will have a duration of thirty years. For the concession to become operational, it will have to be approved by Parliament, probably as early as March. The concession is worth an investment of approximately 85 million euros.