Subsidiaries of OAO NOVATEK (NOVATEK) and Eni have signed a concession contract with the Government of Montenegro for the exploration and production of hydrocarbons for four offshore blocks in Montenegro, NOVATEK says in a press release. Each company will participate in the concession with a 50% share, and Eni was appointed as 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.
In 2014, NOVATEK jointly with Eni submitted a bid for the four offshore blocks with 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.
OAO NOVATEK is Russia’s largest independent gas producer and the second-largest natural gas producer in Russia. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company’s upstream activities are concentrated in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s gas production and approximately 16% of the world’s gas production. NOVATEK is an open joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol «NVTK».