A consortium comprised of Spanish petroleum group Repsol and Energean Oil & Gas has surrendered its hydrocarbon exploitation and production rights for on onshore license in the Etoloakarnania area, northwestern Greece, the partners informed EDEY, the Greek Hydrocarbon Management Company, last Friday, sources have revealed.
The partners attributed this decision to the sharp drop in oil prices that has made upstream investments unfeasible, as well as their environmental footprint efforts.
Repsol is also preparing to withdraw its interests from an offshore block in the Ionian Sea through a license it shares with Hellenic Petroleum (ELPE).
In addition, the Spanish group is reconsidering its interests in a license for an onshore block in Ioaninna, also in Greece’s northwest, sources informed. Repsol holds a 60 percent stake in this license, the other 40 percent belonging to Energean Oil & Gas. The partners face an April deadline for an investment decision concerning initial drilling.
Three months earlier, Repsol, through a strategic business plan covering 2021 to 2025, announced exploration and production investment cuts worth 700 million dollars, annually. The company plans to focus its activities in 14 countries, not including Greece.