Herceg Novi (MINA-BUSINESS) - British oil company Ramco Energy will continue its cooperation with Jugopetrol fuel chain of Kotor if research of the Montenegrin sea shelf confirms an existence of oilfields, participants in the congress of oil companies of southeast European countries in Herceg Novi said. Deputy Economy Minister Dragan Bojovic said securing sufficient quantities of energy for Montenegro was a precondition for its development and the success of its reforms and privatisation. "Montenegro lacks around 30 percent of its energy needs, currently compensated by imports. This creates a need for new energy resources. A success in the research of oil and gas in the sea shelf would change our reality, economy and our lives," Bojovic said. Director of Jugopetrol#s research division Veselin Kovacevic said he expected that the company would together with Ramco Energy soon start drilling a big gas structure, around ten miles away from Petrovac and Sutomore. If sufficient quantities of gas were found, Montenegro could build a gas-fuelled power plant that would substantially reduce its current deficit. Ramco Energy signed three years ago with Jugopetrol Kotor a contract on the crude and gas research.