INA will not partake in the tender for oil exploration in Montenegro

Oil company INA has withdrawn its application to the tender for oil and gas exploration in the Montenegrin sea. So far, 15 oil companies have expressed their interest in competing for the permits to work in the southern part of the Montenegrin Sea which according to some estimates contains some seven billion barrels of oil and 425 billion cubic metres of gas.

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INA further announced that they applied with a wish to be only a service company and not a concessioner, Assistant Montenegrin Minister of Mining Vladan Dubljevic said.

PHOTO: www.nis.yu

That means that INA could possibly sign a contract with the winner of the concession, i.e. companies that will carry out the research, while its company Crosco would carry out the drilling.

The viewpoint of both, INA and Hungarian MOL is to not take part in the respective tender. Unlike MOL, INA has abundant experience in this type of business. In 1986, the company formed a joint venture together with Kotor-based Jugopetrol, Naftagas from Novi Sad and Ljubljana-based Petrol, dubbed “South Adriatic” for oil exploration in the very part of the Montenegrin sea which will be subject of exploration as part of this tender.

The consortium fell apart due to the war but it is still unclear why INA revoked their rights to exploitation which they owned even after the disputes were settled. Ina which held a 27.5 per cent stake in the South Adriatic company never again showed their interest in oil exploration.

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