The governments of Greece and Albania appear to have reached an Exclusive Economic Zone (EEZ) agreement whose implementation would clearly define offshore regional borders and enable hydrocarbon exploration progress in the Ionian Sea’s Blocks 1 and 2. An official announcement by both sides is expected soon, energypress has been informed.
In the past, Albania has strongly reacted against the prospect of any exploration at these blocks, which the neighboring country has regarded as disputed offshore territory.
The Greek government’s agreement with Tirana comes as acknowledgment of partial faults that have existed until now in the mapping out of the EEZ, reliable sources noted.
In exchange, Albanian officials will not be able to raise hydrocarbon-related objections with regards to the continental shelf close to Greece’s Othoni and Erikousa islets, located in the Ionian Sea’s north.
Leading Greek government officials have expressed confidence that problems encountered in the past, from Albanian opposition against Greek hydrocarbon activity in the region to attempts by the neighboring country to explore areas within Greece’s EEZ, will not be repeated following this latest agreement.
Blocks 1 and 2 were included in a Greek package of 20 offshore blocks included in a tender that ended in July, 2015.
A consortium comprised of Total, ELPE (Hellenic Petroleum) and Edison signed an agreement for Block 2, in the Ionian Sea’s north, last year.
The situation concerning Block 1, in the Ionian Sea’s northwest, remains unclear. ELPE had submitted an offer but local authorities have kept putting off its appraisal.
Less than a decade ago, Turkey had intervened following a previous EEZ agreement reached between Greece and Albania, demanding Tirana to retract the arrangement as it offered Greece full islands rights, which carried negative implications concerning Ankara’s hydrocarbon interests in the Aegean Sea.