Energean buys Petra Petroleum consortium share for full control

Energean Oil & Gas, Greece’s sole oil producer, has acquired a 20 percent equity share held by Canadian company Petra Petroleum in a consortium formed for onshore oil exploration in the Ioannina region, northwestern Greece.

The equity acquisition, which still needs to be approved by Greece’s Ministry of Environment, Energy & Climate Change, provides Energean with total ownership of the consortium.

The financial details of the agreement reached by the two companies have not been disclosed.

In a company announcement, Petra Petroleum noted that its decision to sell its 20 percent stake in the consortium was part of a refocus of investment activity at the corporation.