Greece Signs Lease for Oil and Gas Exploration in the Ionian Sea

1 November 2017
1187 Views

A consortium led by France’s Total moved a step closer to exploring for oil and gas off Greece, after signing a lease on Tuesday with the government for a block in the Ionian Sea.

The contract was signed during a special ceremony at the Stavros Niarchos Culture Center by Environment and Energy Minister George Stathakis, Total’s vice-president Bernard Clement, Edison’s vice-president Maurizio Coratella, and Hellenic Petroleum’s deputy CEO, Andreas Siamisis.

The three companies have a 50 pct, 25 pct and 25 pct share in the consortium, respectively.
Stathakis said Greece have integrated all European directives on hydrocarbon exploitation and followed the highest international standards, both for protecting human resources and safety and for the protection of the environment.

He added that the government was expected to launch tenders for hydrocarbon exploration in the Ionian Sea and southwest of Crete, noting: “The timing today is different. The southeastern Mediterranean is at the epicenter of investors’ interest, following hydrocarbon findings in neighbouring countries.”

Total’s vice-president said the prospect was positive but realism was necessary since no one has ever carried out exploratory drilling in the region. He also expressed hope that the contract would be ratified by the Greek Parliament before the end of the year.

Exploration will take place at block 2 which is located 30 km west of Corfu. It will last eight years, with an extension option. The Greek state will receive 500,000 euros with the signing of the contract and 1.5 million euros as compensation.

Source: Greek Reporter

You may be interested

The Honorable Death: Samurai & Seppuku in Feudal Japan
WORLD
shares17 views
WORLD
shares17 views

The Honorable Death: Samurai & Seppuku in Feudal Japan

Panos - May 17, 2021

While martial suicide is a practice found in a lot of cultures, the act of seppuku, or ritual self-disembowelment, is peculiar…

Athens: Maintenance works are in progress in the Temple of Olympian Zeus
GREECE
shares16 views
GREECE
shares16 views

Athens: Maintenance works are in progress in the Temple of Olympian Zeus

Panos - May 17, 2021

The column has been in a construction armature for days, as the other nine, who face fewer problems but also…

Where are Greece’s beautiful ‘fjords’?
GREECE
shares20 views
GREECE
shares20 views

Where are Greece’s beautiful ‘fjords’?

Panos - May 17, 2021

Norway may be famous for its fjords, but Greece has its own special terrain similar to the famous northern European…

Leave a Comment

Your email address will not be published.