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Russia's Novatek to Leave Projects in Montenegro and Lebanon

NATURAL GAS

Russian gas producer Novatek is to leave projects in Lebanon and Montenegro according to it’s CEO Leonid Mikhelson.

  • Novatek Lebanon SAL, which holds stakes of 20% in Blocks 4 and 9 in the eastern part of the Mediterranean Sea, had notified the Lebanese authorities of its intention to exit the projects at the end of the first period of exploration, by October 22.
  • In 2021, the 50/50 consortium of Eni and Novatek began drilling off the coast of Montenegro.
  • The partners signed a concession agreement on exploration for and production of hydrocarbons at four offshore blocks (4, 5, 9 and 10) with Montenegro's government in September 2016.
Energy BulletsCommodities
Energy BulletsCommodities

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