Montenegro stalls on block 3

Exploration work on Montenegro offshore block halted by government/partner dispute

Offshore staff

(Montenegro) Attempts by the partners in Block 3 (Ulcinj) offshore Montenegro to re-negotiate concession terms with the government have hit an impasse. Concession holder JugoPetrol Kotor says the government is inclined now to terminate the agreement, although JPJ and its owner Hellenic Petroleum are disputing the validity of this decision.

According to partner Ramco, concessions on offshore blocks 1 and 2 (Prevlaka) are unaffected by the dispute.

09-29-2006

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