ELPE Upstream, a new division established by the ELPE petroleum group, aims to begin drilling at its license in the Gulf of Patras, western Greece, sooner than originally planned, probably in autumn next year, if related licensing procedures and studies are completed ahead of municipal and regional elections next May.
Hydrocarbon exploration and production remains a priority for ELPE despite the petroleum group’s ongoing privatization, a complex and challenging procedure offering a 50.1 percent stake.
The Greek State, selling 20.5 percent of its 35.5 percent stake in ELPE, is expected to maintain a strong presence in ELPE Upstream. Paneuropean, ELPE’s main shareholder owning 45.47 percent, is selling 30.47 percent.
The Gulf of Patras offshore license, covering 1,900 square kilometers, was awarded to ELPE through an open-door tender launched in 2012 and completed in 2014. Potential recoverable hydrocarbon reserves at this license have been estimated at 100,000,000 barrels.
ELPE also has ambitious exploration and production plans for offshore licenses in the Ionian Sea and off Crete.