Repsol

Energean farm out to Repsol for 60% of Ioannina block endorsed

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The energy ministry has endorsed an agreement between Energean Oil & Gas and Spain’s Repsol farming out 60 percent of the former’s exploration and exploitation rights to an onshore block in the Ioannina area, northwestern Greece.

Based on the agreement, signed last March, Repsol will also become the block’s operator.

At the time, the two firms had also reached a farming out agreement for a block in Etoloakarnania. This arrangement still needs to be endorsed in Greek Parliament before the energy ministry offers its approval.

Repsol intends to conduct a 2D seismic survey over the Ioannina block in 2017/2018 followed by an FTG airborne survey and a 2D geophysical seismic survey over the Etoloakarnania block in 2018/2019.

“Repsol’s know-how and Energean’s knowledge of the region undoubtedly reinforce the chances of new discoveries in western Greece and launch the development of the region into a new important reference point for the oil and natural gas sectors,” Energean Group Chairman & CEO Mr. Mathios Rigas had noted in the lead-up to this latest development.

The Ioannina and Etoloakarnania blocks, covering a total of 8,547 km2, are priority exploration targets for Energean and strategically important for the Greek oil and gas sector.

Repsol ranks as one of the world’s biggest listed oil and gas enterprises and operates one of Europe’s most efficient refinery networks. The company maintains business interests in over 40 countries and employs over 24,000 persons.

 

 

 

ELPE, ExxonMobil, Total eyeing blocks in Ionian, south of Crete

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ELPE (Hellenic Petroleum), ExxonMobil and Total officials are currently processing data in order to identify locations of interest with the objective of submitting an exploration and exploitation offer to the Greek State and EDEY, the Greek Hydrocarbon Management Company, by August, as one consortium.

This expression of interest by the prospective consortium will prompt local authorities to launch a related tender.

According to sources, the three companies are focusing their interest in the Ionian Sea’s north, as well as south of Crete, all the way to the small island of Gavdos, Greece’s southernmost point.

As these locations are high-risk, high-cost deep-sea areas, ELPE will look to establish a consortium offering its partners fair shares for their demanding roles. ExxonMobil and Total are expected to take on shares of 40 percent each with ELPE holding 20 percent in the venture. Drilling ventures at waters of such depths are estimated to cost approximately 100 million dollars each.

ExxonMobil’s extensive experience in deep-sea exploration and financial strength were key factors in the interest shown by ELPE for the establishment of a partnership as the areas of interest are challenging, both technically and financially.

ExxonMobil has already purchased a package of seismic data produced following survey work conducted by Norwegian firm PGS three years ago.

Energean Oil & Gas also expressed an interest, yesterday, in the new round of offshore licenses expected to be offered by the Greek State. The company plans to capitalize on its expertise being gained at Israeli offshore blocks.

At this stage, it appears that Energean Oil & Gas and Repsol, currently conducting joint onshore exploration work in west Greece, at blocks in the Ioannina and Etoloakarnania areas, will attempt to broaden their venture to the sea extensions of these blocks.

 

 

Licenses for west Greece blocks to be signed on May 25

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The two winning bidders for three onshore blocks in Greece’s wider western region have been invited to the energy ministry to sign finalized licenses on May 25, sources have informed.

ELPE (Hellenic Petroleum) was declared the preferred bidder for two of these blocks, in northwest Peloponnese and Arta-Preveza, while Energean Oil & Gas won the rights for a third block in the Etoloakarnania area.

An international tender including these blocks was launched back in the spring of 2014 following interest expressed by Italian firm Enel, which eventually withdrew. The procedure ended in February, 2016, when the aforementioned two companies were declared the winning bidders for the three blocks.

Energean recently signed an agreement with Spain’s Repsol to farm out a 60% interest in its Etoloakarnania block as well as a license held for a block in Ioannina.

All three blocks – northwest Peloponnese, Arta-Preveza and Etoloakarnania – are believed to possess unexploited potential.

DEP, the Public Petroleum Company, an ELPE precursor, which had been awarded a license for the northwest Peloponnese area in 1978, conducted over 20 drilling efforts that were not followed through. The area was subsequently returned to the Greek State in 2007.

In 1981, DEP was awarded exploration and exploitation rights for Ioannina, Arta and Thesprotia, all located in the Epirus area, northwest Greece, and conducted geophysical research and eight drilling projects.

In the late 90s, a consortium headed by Triton, the now-defunct US oil and gas exploration and production company, also involving ELPE as a partner, conducted two fruitless drills in the Etoloakarnania area before the license was returned to the Greek State.

 

Repsol to acquire 60% stake in Energean west Greece blocks

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Energean Oil & Gas has agreed to farm out a 60% interest in its Ioannina and Etoloakarnania blocks, onshore western Greece, to Spain’s Repsol. Repsol will also become the operator for both blocks.

The agreement is subject to the approval of the Greek Government and the signing of the Etoloakarnania License Agreement between Energean and the Greek Government.

The Ioannina and Etoloakarnania blocks, covering a total of 8,547 km2, are priority exploration targets for Energean and strategically important for the Greek oil & gas sector.

Confirming previous energypress reports, Energean released a statement today noting that agreements have been signed with Repsol for both licenses.

Commenting on the agreement with Repsol, the Energean Group Chairman & CEO, Mr. Mathios Rigas, noted: “We are delighted that Repsol has agreed to farm into Energean’s Ioannina and Etoloakarnania blocks, which represents a significant step forward for the development of the Greek oil and gas sector. Repsol’s expertise and Energean’s knowledge of the area’s geology will undoubtedly drive forward the possibility of making new discoveries in Western Greece, and developing this region as a significant new oil and gas province.”

Repsol plans to acquire a 2D seismic survey over the Ioannina block in 2017/2018, and to conduct an FTG and a 2D seismic survey over the Etoloakarnania block in 2018/2019.

Repsol ranks as one of the world’s biggest listed oil and gas enterprises and operates one of Europe’s most efficient refinery networks. The company maintains business interests in over 40 countries and employs over 24,000 persons.

Active in the entire chain of oil and gas activities including exploration, production, refining, transportation and development of new energy solutions, Repsol produces approximately 700,000 barrels per day while the refineries under its control can handle as many as 998,000 barrels of crude per day.

The company also operates 4,700 retail fuel and lubrication stations, the majority of these in Spain, where it is the market leader.