A decision by the Court of Audit, one of Greece’s highest ranking courts, approving two hydrocarbon exploration and production licenses for offshore blocks south and west of Crete to a consortium comprised of Total, ExxonMobil and Hellenic Petroleum (ELPE) paves the way for the signing of finalized agreements.
This could take place at a signing ceremony on Crete prior to the July 7 snap elections with the participation of energy minister Giorgos Stathakis.
The three companies, keen to begin exploration activities before the end of the year, have urged the government for a swift completion of procedures.
The two agreements will still need to be ratified in Parliament following next month’s general elections before the three-member consortium can commence work.
The Court of Audit’s favorable decision represents one of the final steps in a procedure started in 2017, when Total and ExxonMobil had expressed interest.