Six companies from USA, Austria, Italy, Russia, Greece, Great Britain submit 3 offers for oil and gas exploitation in Montenegro

Podgorica, Montenegro (15 May 2014) – Six companies from the USA, Austria, Italy, Russia, Greece and Great Britain submitted three offers at the public tender for awarding concessions for oil and gas exploitation in the offshore of Montenegro. The companies are:

- Marathon Oil Corporation (USA) and OMV (Austria) - joint offer;
- Consortium: Eni S.p.A (Italy) and Novatek, (Russia);
- Consortium: Energean Oil & Gas (Greece) and Mediterranean Oil & Gas (Great Britain).

The companies that have submitted offers generated more than 70 billion dollars in total in 2013 and made a profit of 10 billion dollars. They have operations in more than 80 countries worldwide, Economy Minister Vladimir Kavarić told the press earlier today.

“Given the global nature of the business, as well as the references of these companies, we can say the first phase in developing oil and gas industry in Montenegro has been completed successfully,“ he emphasised.

The procedure of evaluating bids and selecting partners will be completed by the end of 2014, Minister Kavarić concluded.

The public tender for awarding concessions was called on 7 August 2013 and the deadline for submitting bids was 28 February 2014. At the request of interested companies, the Government of Montenegro extended the deadline until 15 May 2014.

The Decision on defining blocks for award of concessions contracts for production of hydrocarbons includes 13 blocks of former Ulcinj block with the area of 3.191 km2.