Hydrocarbons Administration: Exploratory Drilling Postponed Due to COVID-19

By , 03 Aug 2020, 09:27 AM Business
Hydrocarbons Administration: Exploratory Drilling Postponed Due to COVID-19 Illustration, Source: total.com
August 3, 2020 - The first exploratory drilling, which should show whether there is oil in the Montenegrin submarine area, planned for the summer of this year, has been postponed to 2021 due to the coronavirus pandemic, the Hydrocarbons Administration announced.
 
According to current management estimates, this work is expected to start in the first quarter of next year, i.e., from January to the end of March, Vijesti writes.
 
Montenegro has concluded two concession agreements for oil and gas exploration and production, one with the Eni and Novatek consortium in 2016, and the other with the Greek company Energean a year later.
 
"The coronavirus pandemic has caused a decline in business activity in almost all industries globally, including the oil and gas industry. The first exploratory drilling in the Montenegrin submarine, planned for the summer of this year, has been postponed for the same reasons," stated the Administration.
 
They said that, although in changed circumstances, many activities in Montenegro related to oil and gas exploration are continuing unhindered. Preparatory work is underway for the first exploratory drilling, which, according to current estimates, will begin in the first quarter of next year.
 
"The logistics base is in the port of Bar, where the material is already being delivered that will be used for exploratory drilling," said the Hydrocarbons Administration.
 
Bearing in mind that the first exploratory drilling in the Montenegrin submarine was initially planned for the summer of this year, all activities related to 3D seismic testing have already been completed, the Hydrocarbons Administration has announced.
 
According to the drilling program, the Administration said that the first exploratory drilling in the Montenegrin submarine would last about 180 working days.
 
"If the activities are carried out according to plan, by the end of next year we will have information on whether there are commercial oil and gas deposits on the subject blocks in the Montenegrin submarine," the Hydrocarbons Administration concluded.

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