Spain’s Repsol is continuing to disinvest its hydrocarbon interests in the Greek market in the wake of a return to the Greek State of its licensing rights for a block in Etoloakarnania, northwestern Greece, the company’s latest move being a plan to withdraw from a license concerning a block in Ioannina, also in the northwest.
Repsol, which formed a partnership with Energean Oil & Gas for the Ioannina block, holds a 60 percent stake in this project, now at a pre-drilling stage, as an exploratory step.
Repsol has informed EDEY, the Greek Hydrocarbon Management Company, of its decision to withdraw from the Ioannina block, according to sources. The Spanish petroleum firm’s 60 percent stake will be transferred to Greek partner Energean, currently holder of the license’s other 40 percent, the sources added.
The Spanish company’s decisions on Greece are part of a wider disinvestment strategy aiming to reduce the firm’s international exposure to hydrocarbon exploration and production activities, sources explained.
Energean will seek a deadline extension, from EDEY, for drilling at the Ioannina license as it intends to find a new partner, sources informed. The Greek company remains interested in exploring the area’s hydrocarbon potential, the sources added.
Repsol’s intentions concerning an offshore block in the Ionian Sea, for which it has formed a 50-50 joint venture with Hellenic Petroleum, remain unclear.