MOG, Energean Bid for Offshore Blocks in Montenegro

Mediterranean Oil & Gas (MOG) announced it submitted a bid with Energean Oil and Gas 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,’ reads a note released on Friday. 

MOG has onshore and offshore assets in Italy, while Energean 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.’ 

Analysts said that the recent Croatian offshore licencing round is likely to increase investors’ attention for assets in the Adriatic Sea.