Spain’s Repsol has completed its strategic withdrawal from the Greek hydrocarbon market with the finalization of a transfer of its 60 percent share in the onshore Ioannina block, northwestern Greece, to project partner Energean.

Energy minister Kostas Skrekas’ ministerial decision needed for the transfer’s finalization was published yesterday.

Repsol revealed its intention to withdraw from the Greek market early this year when the Spanish company and its partner for the Etoloakarnania block, Energean, both notified the Greek State and EDEY, the Greek Hydrocarbon Management Company, of their decision to return their Etoloakarnania block rights.

This was followed by the transfer of Repsol’s share in the Ioannina black to Energean in March, while, late in July, the Spanish company announced its decision to withdraw from an Ionian Sea block, its last remaining license in Greece.

Repsol’s new business plan will limit the company’s presence to just 14 of 34 markets in which it has maintained interests. Repsol has also set an objective to reduce its annual investments in the upstream sector from 2.4 billion euros in 2019 to 1.6 billion euros by 2025.

Besides Repsol, Hellenic Petroleum (ELPE) has also withdrawn from two onshore blocks, Arta-Preveza and Northwestern Peloponnese, made official on August 13.

Four investors remain active in Greece’s hydrocarbon exploration and production market, ELPE, Energean, France’s Total and the USA’s ExxonMobil, at a total of 11 licenses.