Energean Oil & Gas SA and Mediterranean Oil & Gas Plc (MOG) have jointly submitted a bid for the exploration and production of hydrocarbons in offshore areas 4118/05, 4218/30 and 4118/10 in Montenegro.
If
successful, Energean will act as the Operator with 60% working interest, while
MOG would have a 40% working interest.
Energean
currently holds 4 exploration and 2 development licences and is the only
Operator of hydrocarbon fields in
Greece
. It has produced over 115 million
barrels of oil and 850 million cubic metres of natural gas from the Prinos and
South Kavala
offshore fields.
MOG
has a number of operated and non-operated assets onshore and offshore
Italy
, which are in close proximity to
Montenegro
and share many geological
characteristics.
“The
submission is part of MOG’s strategy to acquire further assets in its core
region,”MOG said in a statement.