Greece's Energy Ministry announced on Tuesday it had selected a consortium made up of Hellenic Petroleum (HELPE), Total and Exxon Mobil to conduct hydrocarbon research off western and northwestern Crete, according to the state-run Athens-Macedonian News Agency (ANA-MPA).
The consortiuim held negotiations with Greece’s oil and gas resources management company (HHRM) which submitted its approval to Energy Minister George Stathakis last week.
The blocks granted for oil and gas exploration cover 19,868 sq.km and 20,058 sq.km, respectively.
The international tender was launched last year after the Exxon-led consortium submitted an expression on interest.
The agreement between the ministry and the consortium will have to be reviewed by the Court of Auditors, before it reaches Parliament.
HHRM head Yannis Bassias told ANA-MPA, the finalist for hydrocarbon exploration in the Ionian Sea (HELPE-Repsol) will be submitted to the minister next week.