Block 2 agreement paves way for ELPE, ExxonMobil partnership

The signing of an agreement today by a consortium comprised of Total, Edison and ELPE (Hellenic Petroleum) and local authorities for an exploration and exploitation license concerning Block 2, an offshore block in the Ionian Sea, west of Corfu, represents a key development that may help attract other major international players to Greece’s hydrocarbon sector.

Today’s agreement is expected to help promote the establishment of a partnership between ELPE and ExxonMobil for Greece’s hydrocarbon market. The prospect of this collaboration has been indirectly confirmed by ELPE’s administration.

ExxonMobil, the world’s biggest oil company, appears ready to sign a strategic partnership agreement with ELPE for an involvement in six blocks already licensed to the Greek corporation as well as for joint participation in prospective tenders to offer new hydrocarbon exploration and exploitation licenses.

Should ELPE and ExxonMobil reach a partnership agreement, ExxonMobil would become involved in the Block 2 license for which a deal was signed today between the Total-Edison-ELPE consortium and local authorities; Block 1, northwest of Corfu, a license for which ELPE has been declared the preferred bidder; Block 10 at the Gulf of Kyparissia, west of the Peloponnese, another license for which ELPE has been declared the preferred bidder; the Gulf of Patras, where ELPE has already settled; as well two onshore blocks in northwest Peloponnese and Arta-Preveza, northwestern Greece.

An energy ministry announcement released today, following the signing of its agreement with the Total-Edison-ELPE consortium, noted that negotiations have already begun with ELPE for the signing of a license concerning Block 10.