According to CEO Bassias, hydrocarbon concessions for Crete & Ionian Sea to be completed by end-year

6 June 2018
886 Views

Hellenic Hydrocarbon Resources Management (HHRM) will have completed its negotiations with consortia for concessions in the sea areas of Crete and the Ionian islands, the state company’s president and CEO Yannis Bassias said on Tuesday.

The consortium of Total, ExxonMobil and Hellenic Petroleum (ELPE) is interested in the area west and southwest of Crete, and that of Repsol and ELPE in the Ionian Sea.

If an agreement is reached on the concession terms, the contracts will need to be signed by the minister of Environment and Energy and approved by the Court of Auditors before proceeding to Parliament for ratification. Bassias said the target was to have completed the whole process by year-end.

The abovementioned areas are considered high risk and high output because of the great sea depth. This raises the cost of drilling, but it is hoped that by the time the consortia are ready to drill in a few years, technological advances will allow drilling at depths greater than 3,000m, HHRM said.

In terms of developments in the western Greek city of Ioannina, where explorations have raised protests, the company said that the program has already been delayed by a year, at a great cost.

You may be interested

PM Mitsotakis cites Greek Constitution to back mandatory vaccinations
GREECE
shares15 views
GREECE
shares15 views

PM Mitsotakis cites Greek Constitution to back mandatory vaccinations

makis - Jul 23, 2021

Prime Minister Kyriakos Mitsotakis cited the Greek Constitution in response to those opposing mandatory Covid-19 vaccination during his meeting with…

Who Has Spent The Most Time In Space? (infographic)
WORLD
shares27 views
WORLD
shares27 views

Who Has Spent The Most Time In Space? (infographic)

Panos - Jul 22, 2021

As Russia celebrates 60 years since Yuri Gagain became the first person to orbit the Earth, the state of space travel looks…

What Do Americans Think Of Famous Billionaires? (infographic)
FINANCE
shares28 views
FINANCE
shares28 views

What Do Americans Think Of Famous Billionaires? (infographic)

Panos - Jul 22, 2021

Hot on the heels of fellow billionaire Richard Branson, Amazon founder Jeff Bezos is set to blast into space. He…

Leave a Comment

Your email address will not be published.