Hydrocarbon exploration to focus on region south of Crete

Friday, February 16th, 2018
Last Update: 13:51

The sea region south of Crete will attract the interest of the oil industry in the coming months after the confirmation of exploratory drilling in Cyprus and a completion of expression of interest in the Ionian Sea and the west/southwest of Crete, said Yiannis Basias, chairman and CEO of Greek Hydrocarbons Resources Management SA, on Friday.Addressing the Athens Energy Forum, Basias said bids for the two regions will be submitted on March 5, in the framework of a process that began with the expression of interest by the Hellenic Petroleum, Total and Exxon consortium for Crete and Energean for the Ionian Sea.

Bernard Clement, vice-president of Total responsible for hydrocarbon exploration in the Caspian Sea and South Europe, addressing the forum, expressed hope that the process will be successful for the consortium. The Total-Edison-Hellenic Petroleum consortium will conduct exploratory drilling in the Ionian Sea.

Yiannis Grigoriou, general manager of explorations in Hellenic Petroleum, said that if there was an oil field in the West Patras Gulf (currently operated by Hellenic Petroleum and Edison) this could be around 140 million barrels and noted that the first drilling was scheduled for 2019.

Source: ANA - MPA

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