ECONOMY

Final two hydrocarbon concessions to be signed

final-two-hydrocarbon-concessions-to-be-signed

The final two of four concessions for hydrocarbon exploration and exploitation in the Ionian Sea are set to be signed on Tuesday by Energy Minister Giorgos Stathakis, the head of Hellenic Hydrocarbon Research Management, Ioannis Basias, and the contractors. 

The first of the two concessions has been granted to Hellenic Petroleum (ELPE), which has partnered with Spain's Repsol for the second.

These are the last two agreements in a series of concessions Greece launched in 2012 that had been beset by delays. The most mature of these is an area in the Gulf of Patra in western Greece, where research by ELPE-Edison is pointing to possible reserves of between 120 and 140 million barrels. ELPA plans to start exploratory drilling in the first half of next year.

In Kavala in northern Greece, the Epsilon field has been in production since April 1, with Energean saying on Monday that successful horizontal drilling is yielding some 1,000 barrels of oil per day.

The Energy Ministry is also reportedly planning to seek lawmakers' approval for two more concessions, off the south and southwestern coast of Crete.