A consortium comprising Repsol and Energean Oil & Gas has been granted a one-year extension by EDEY, the Greek Hydrocarbon Management Company, to complete preliminary exploration work at an onshore license in the wider region of Ioannina, northwestern Greece.
Repsol, controlling a 60 percent stake in the consortium, and Energean, holding 40 percent stake, requested an additional year until October 2, 2020, to complete preliminary exploration work at the license.
This is the second deadline extension granted to Repsol-Energean for the license’s preliminary phase. A first extension, granted in 2017, expires next month. The consortium is currently processing new seismic data.
The EDEY extension decision also requires the consortium to complete a second exploration phase, involving deep drilling, by October 2, 2022, should the partners decide to pursue the license further.
The license location’s geological features, featuring rocky terrain, are considered challenging. Also, the two companies have faced resistance, at times extreme, from small groups representing local communities while conducting their seismic research and related activities. The support of local landowners exceeds 90 percent, which has enabled the completion of research work in recent weeks.