Greece & Cyprus: Grand challenges & great opportunities in East Mediterranean gas
Greece is a country with many unexplored promising oil and gas fields.In fiscal terms, investments in hydrocarbon development and production throughout the country are highly competitive and attractive. From a hydrocarbon exploration perspective, offshore Crete in Southern Greece presents a frontier area that faces two major challenges namely a combination of very complex geological history and ultra-deep waters exceeding three thousand meters in most areas.
Following the “Call for Tenders for the exploration and exploitation of hydrocarbons Offshore West Crete and Southwest Crete” in March 2018, the consortium of French Total, American ExxonMobil and Hellenic Petroleum (Helpe) was granted by Ministerial Decision in July 2018 rights of hydrocarbon exploration and production for two offshore blocks in West and Southwest Crete. The exploration stage is expected to last up to eight years, and in the event of a commercial discovery, the production lease agreement is set tobe valid for 25 years plus two five-year extensions. Currently, the concessions awarded to the consortium are expected to pass in the Greek Court of Audit. This will prompt a swift parliamentary ratification permitting the initiation of exploration activities.
Additionally, the Hellenic Hydrocarbon Resources Management Authority intends to declare a new licensing tender for other offshore blocks in south Crete. To this end, the Authority published in February 2019 a tender for the Environmental Study that is prerequisite for companies to commence exploration once they are awarded certain concessions.
You may be interested
JOKER results: 18/07/2019Panos - Jul 18, 2019
The winning numbers from the JOKER draw are as follows:
Greece: Recruitments to the health sector and the Police as a prioritymakis - Jul 18, 2019
A large meeting under Prime Minister Kyriakos Mitsotakis took place Thursday evening in order to plan recruitments to the health…
Cyprus Energy Minister: Five exploratory drills over the next two yearsPanos - Jul 18, 2019
Ankara’s goal is to cause instability in the Eastern Mediterranean and discourage energy giants, the Ministry says. Five exploratory and…