Hellenic Petroleum (ELPE) and Italy’s Edison now control an offshore licence in the Gulf of Patras, western Greece, as a 50-50 joint venture following the departure of Irish oil company Petroceltic Resources Plc from the consortium in which the three companies held equal shares.

ELPE has released a statement announcing that negotiations between the consortium’s members have concluded for the transfer of Petroceltic’s 33.3 percent share to ELPE and Edison. The agreement is subject to the energy ministry’s approval, the announcement noted.

“We are pleased to announce that ELPE has agreed to acquire half the share, increasing its stake to 50 percent, while Edison has acted likewise, following the intention of Petroceltic Resources to transfer all its rights in the Gulf of Patras licence,” remarked Grigoris Stergioulis, ELPE’s managing director. “We will continue to implement our strategy in the field of hydrocarbon exploration and production, focusing on Greece. Research work in the Patras area is continuing seamlessly, without delay, with the objective of discovering oil in this promising area as soon as possible,” he continued.

Stergioulis noted that 3D geophysical survey work would be conducted as the venture’s next step by UK firm Dolphin Geophysical, to use a newly acquired vessel for the operation.