The energy ministry has endorsed an agreement between Energean Oil & Gas and Spain’s Repsol farming out 60 percent of the former’s exploration and exploitation rights to an onshore block in the Ioannina area, northwestern Greece.
Based on the agreement, signed last March, Repsol will also become the block’s operator.
At the time, the two firms had also reached a farming out agreement for a block in Etoloakarnania. This arrangement still needs to be endorsed in Greek Parliament before the energy ministry offers its approval.
Repsol intends to conduct a 2D seismic survey over the Ioannina block in 2017/2018 followed by an FTG airborne survey and a 2D geophysical seismic survey over the Etoloakarnania block in 2018/2019.
“Repsol’s know-how and Energean’s knowledge of the region undoubtedly reinforce the chances of new discoveries in western Greece and launch the development of the region into a new important reference point for the oil and natural gas sectors,” Energean Group Chairman & CEO Mr. Mathios Rigas had noted in the lead-up to this latest development.
The Ioannina and Etoloakarnania blocks, covering a total of 8,547 km2, are priority exploration targets for Energean and strategically important for the Greek oil and gas sector.
Repsol ranks as one of the world’s biggest listed oil and gas enterprises and operates one of Europe’s most efficient refinery networks. The company maintains business interests in over 40 countries and employs over 24,000 persons.