Energean Oil & Gas has agreed to farm out a 60% interest in its Ioannina and Etoloakarnania blocks, onshore western Greece, to Spain’s Repsol. Repsol will also become the operator for both blocks.
The agreement is subject to the approval of the Greek Government and the signing of the Etoloakarnania License Agreement between Energean and the Greek Government.
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 & gas sector.
Confirming previous energypress reports, Energean released a statement today noting that agreements have been signed with Repsol for both licenses.
Commenting on the agreement with Repsol, the Energean Group Chairman & CEO, Mr. Mathios Rigas, noted: “We are delighted that Repsol has agreed to farm into Energean’s Ioannina and Etoloakarnania blocks, which represents a significant step forward for the development of the Greek oil and gas sector. Repsol’s expertise and Energean’s knowledge of the area’s geology will undoubtedly drive forward the possibility of making new discoveries in Western Greece, and developing this region as a significant new oil and gas province.”
Repsol plans to acquire a 2D seismic survey over the Ioannina block in 2017/2018, and to conduct an FTG and a 2D seismic survey over the Etoloakarnania block in 2018/2019.
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.
Active in the entire chain of oil and gas activities including exploration, production, refining, transportation and development of new energy solutions, Repsol produces approximately 700,000 barrels per day while the refineries under its control can handle as many as 998,000 barrels of crude per day.
The company also operates 4,700 retail fuel and lubrication stations, the majority of these in Spain, where it is the market leader.