Inspection committee endorses ELPE-Total-Edison’s Ionian deal

A local committee examining an Ionian Sea-Block 2 hydrocarbon exploration agreement between the energy ministry and a consortium comprised of ELPE (Hellenic Petroleum), Total and Edison has completed its work, enabling the investment plan to proceed, energy minister Giorgos Stathakis has told Skai news.

The ELPE-Total-Edison consortium was declared the preferred bidder for this offshore block almost a year ago, last October. Then, in March, the energy minister prepared the agreement reached signed between the two sides, but its approval by an inspection committee was still pending.

This part of the procedure was delayed, prompting Total’s leadership to point out the matter during a meeting between Greek Prime Minister Alexis Tsipras and French entrepreneurs who joined President Emmanuel Macron on his official two-day visit to Athens last week.

Greek Parliament still needs to offer its approval before the Block 2 hydrocarbon exploration agreement is finalized. The government plans to soon submit the agreement to parliament, sources informed.

The Tsipras-led coalition wants the Ionian Sea-Block 2 agreement finalized within 2017 as this would serve the administration’s claims of a positive investment climate being shaped in Greece.