Seismic survey work planned by a consortium comprised of ELPE (Hellenic Petroleum), Total and Edison at Block 2, west of the Ionian island Corfu, cannot take place until at least the end of autumn next year as a result of a delay by Greek Parliament to approve the agreement.

The three-member consortium signed an exploration and exploitation license agreement with the Greek State in late October.

Consortium sources reminded that seismic surveys, needed to identify possible hydrocarbon deposits and drilling targets, can only be performed during specific periods, these being spring and autumn.

As a result of environmental and tourism-related reasons, seismic surveys cannot take place at Block 2 during winter or summer.

Parliamentary approval of Block 2 remains pending, which eliminates any chance of seismic surveys being conducted at this specific license next spring. It is estimated that acceleration of the approval procedure would give the consortium enough time to reserve a specialized vessel, needed for the seismic survey, for November, 2018.

Latest information has indicated that a seismic survey planned for the Gulf of Patras, a license held by ELPE (Hellenic Petroleum), will take place as planned, early in 2019.

Authorities have described the Gulf of Patras as an area of great hydrocarbon potential, based on seismic survey work conducted in the past by DEP-EKY, a former subsidiary of DEP (Public Petroleum Corporation).

In the past, over 70 drilling ventures have been perfomed at various locations in Greece, including the Gulf of Patras and Block 2, reoffered to investors through open-door international tenders. This development essentially served to reopen Greece’s hydrycarbon market to investors.