Signing of agreement on hydrocarbons west of Corfu
Hydrocarbons
01 Nov 2017
/ 13:12
CORFU.The Greek State (Ministry of Energy) and the consortium of Total, Edison and Greek Oil Company (ELPA) signed an agreement yesterday granting exploration and exploitation rights in Plot 2 in the Ionian Sea.
George Stathakis, Minister of Environment and Energy called the signing a vote of confidence in the Greek economy and stressed that Greece has incorporated all European directives on hydrocarbon utilization and follows the highest level of international practices for the protection of human resources and the environment. The agreement needs to be ratified by Parliament by the end of the year.
In the next few days, the Greek government will publish its invitation for tender for explorations in the areas of the Ionian Sea and West-Southwest of Crete in the European Communities Journal. TOTAL and EXXON-MOBIL have already expressed an interest in these areas.
The available seismic data will be updated and enhanced for the new invitations to tender in the areas of the Ionian Sea and Crete.
It should be noted that it has taken more than 30 years – since the discovery of the geological structure in the mid-80s - to finally sign an agreement to proceed with explorations.
The area to be explored, Plot 2, is located 30 km west of Corfu and has an area of 2,422 sq.km. The sea depth ranges from 800 to 1200 metres. Explorations will last for 8 years (which could be extended), during which time seismic, magnetic, gravitational and geological surveys will be conducted and the first exploratory drilling will take place within the next three years.
In the next few days, the Greek government will publish its invitation for tender for explorations in the areas of the Ionian Sea and West-Southwest of Crete in the European Communities Journal. TOTAL and EXXON-MOBIL have already expressed an interest in these areas.
The available seismic data will be updated and enhanced for the new invitations to tender in the areas of the Ionian Sea and Crete.
It should be noted that it has taken more than 30 years – since the discovery of the geological structure in the mid-80s - to finally sign an agreement to proceed with explorations.
The area to be explored, Plot 2, is located 30 km west of Corfu and has an area of 2,422 sq.km. The sea depth ranges from 800 to 1200 metres. Explorations will last for 8 years (which could be extended), during which time seismic, magnetic, gravitational and geological surveys will be conducted and the first exploratory drilling will take place within the next three years.
