According to Montenegrin media, Greek oil and gas company Energean may miss the deadline under its hydrocarbon concession in the Adriatic Sea because it has not yet sign a farm-out agreement with an exploration and production company.
The media quoted the company saying that it cannot commit itself to concluding such an agreement with the partner within the deadlines
set by the concession agreement, taking into account the market uncertainty caused by the pandemic. However, it is still interested in the
continuation of natural gas exploratory activities under its concession and is actively searching for a partner.
Under the concession agreement, Energean is obliged to sign a farm-out contract with another exploration and production company by 15 March.
Energean is currently the sole operator of Montenegro’s offshore blocks 4218-30 and 4219- 26 covering an area of 338 square kilometers in
shallow waters. The concession was officially awarded in March 2017, following the signing of an agreement between the company and the Montenegrin Government.
