Negotiations for hydrocarbons in Ionian Sea and Crete nearing completion
hydrocarbons
06 Jun 2018
/ 10:03
ATHENS.The President of the Greek Hydrocarbon Management Company (EDEY), Yiannis Basias, announced on Tuesday that by the end of June negotiations between EDEY and the TOTAL/ExxonMobil/ELPE (Hellenic Petroleum) consortium for the area SW of Crete and the REPSOL/ELPE consortium for the Ionian Sea will have been completed.
If there is agreement on the contract terms, it will be presented to the Minister for the Environment and Energy for signature, to the Inspection conference for inspection and then ratification by Parliament. Mr. Basias said that the aim was to have the whole process completed by the end of the year.
The regions are considered to be high-risk but also high-yield as the great sea depth means high drilling costs. However, it is estimated that in a few years, when the consortiums are ready to go ahead with drilling, the technology for exploration at depths greater than 3,000 metres will have developed.
EDEY estimates that the concessions of the marine areas in the Ionian and Crete will assist new seismological research and in the marine area south of Crete further geological research of the area below the sea bed.
EDEY is also following developments in the Ioannina area where hydrocarbon exploration is facing opposition. According to the company, there has already been a year's delay in the exploration programme at a cost estimated to be in the region of tens of thousands of Euros per day.
Source: ERT, APE/MPA
The regions are considered to be high-risk but also high-yield as the great sea depth means high drilling costs. However, it is estimated that in a few years, when the consortiums are ready to go ahead with drilling, the technology for exploration at depths greater than 3,000 metres will have developed.
EDEY estimates that the concessions of the marine areas in the Ionian and Crete will assist new seismological research and in the marine area south of Crete further geological research of the area below the sea bed.
EDEY is also following developments in the Ioannina area where hydrocarbon exploration is facing opposition. According to the company, there has already been a year's delay in the exploration programme at a cost estimated to be in the region of tens of thousands of Euros per day.
Source: ERT, APE/MPA
