"The seismic exploration will cover a 1,200 square kilometer territory in the part of the blocks for which the consortium Eni-Novatek received a concession for exploration and production of hydrocarbon. The ultimate aim of the research is to precisely define the location of the exploration, which will start to run at the end of the next or early 2020," said the Hydrocarbon Directorate.
Representatives of the Management Board stated that surveys and records so far showed that there are conditions for the existence of hydrocarbons underwater. "Although our analysis is a cause for optimism, we have to wait for the concrete results that will be provided by the exploration drills in order to know if there are commercial reserves of hydrocarbons," said the Management and added that production could be talked about after drilling the first exploration point which can be expected at the end of 2019 or early 2020, depending on the dynamics of processing 3D seismic data and preparatory activities.
When it comes to the revenues that Montenegro will have from the possible exploitation of hydrocarbon underwater, the share of the state in these revenues is defined by the Law on Exploration and Production of Hydrocarbon.
"The state will get all the profit from the oil exploitation through surface fees, oil and gas and taxes, which is 54 percent. Ultimately, it is estimated that the state, depending on the scale of exploitation, will receive between 62 and 68 percent of the total revenue from these activities," said the Directorate.
Text by Boka news, on October 31st, 2018, read more at Boka news