ELPE (Hellenic Petroleum) intends to stage its first drilling operation at its Gulf of Patras offshore license early in 2019, according to latest information obtained.

This drill’s results are seen as pivotal to future developments, including investor plans and hydrocarbon expectations, for the wider area in this part of Greece.

Prior to the drilling effort at its Gulf of Patras block, ELPE plans to stage additional seismic survey for greater clarity in choosing locations.

In another development, a consortium comprised of Total, Edison and ELPE has moved closer to signing a finalized exploration and exploitation license agreement with the Greek State for offshore Block 2, west of the Ionian island Corfu, following the completion of a pre-contractual inspection by a supervisory committee. The finalized agreement should be signed within the next few days.

The consortium plans to stage new seismic surveys offering greater detail for Block 2.

The agreement’s signing is expected to propel further hydrocarbon sector developments in the wider region.

Greek authorities intend to stage a new international tender to offer additional licenses for Ionian Sea blocks if it is deemed that sufficient investor interest exists.