Hellenic Petroleum (ELPE) will finalize decisions on hydrocarbon exploration at licenses held for two offshore Cretan blocks, west and southwest of the island, within the next month or two, chief executive Andreas Siamisiis has told an annual shareholders’ meeting.
There has been confusion as to what the future holds for these offshore Cretan blocks following the recent withdrawal from their related consortium by Total, which held a 40 percent stake, along with US oil and gas multinational ExxonMobil, ELPE holding the other 20 percent.
Siamisiis, responding to questions on Total’s withdrawal from the Cretan venture, noted that participants were currently involved in talks, adding that a development is expected within the next month or two, without elaborating further.
Just weeks ago, Aris Stefatos, managing director at EDEY, the Greek Hydrocarbon Management Company, told state broadcaster ERT that Total’s withdrawal has prompted the need for another investor, suggesting a replacement is being sought for the Cretan offshore consortium.
Recent reports have indicated that ExxonMobil could also be on the way out from the consortium, which would further increase the need for a major investor.
Siamisiis, during the annual shareholders’ meeting, reiterated ELPE’s commitment for further seismic studies at both offshore Cretan blocks in an effort to determine their hydrocarbon prospects, even if ExxonMobil also withdraws from the consortium.