In the context of the 2nd Licensing Round for the exploration and production of hydrocarbons in offshore Western Greece and South of Crete, Hellenic Petroleum was announced in December 1st 2016 as the Selected Applicant for Block 10. The negotiations are ongoing and are expected to be concluded within the 1st quarter of 2017.
Founded in 1998, Hellenic Petroleum is one of the leading energy groups in South East Europe, with activities spanning across the energy value chain and presence in 6 countries. Its shares are primarily listed on the Athens Exchange with a secondary listing on the London Stock exchange.
Block 10 is located in the offshore Western Peloponnesus, specifically within the Kyparissiakos Gulf, lying between Strofades islets and Peloponnesus. The Block covers an area of 3.420,6 sq. km.
The hydrocarbon shows in the area attracted the interest of oil companies and the Hellenic Government in 1938 and several shallow wells were drilled before the 2nd World War. During the next years, several seismic campaigns of poor quality were acquired, as well as geological and geophysical studies. The old legacy seismic data have a rather dense coverage to the east, but most of the lines lie outside the borders of the block. Within the block exists a very sparse network of legacy seismic lines that were acquired between 1979-1982. The work program that is proposed by Hellenic aims to the better understanding of the area geology and the tectonic model for the identification of the possible traps.
Western Greece belongs to the Alpine orogenic system; in particular its southern branch includes the Apennines, the Southern Alps, the Dinarides, the Hellenides and the Taurides, delineating the northern margin of the East Mediterranean. This mountainous chain was formed as result of the closure of the Tethys Ocean due to the collision between the Eurasian continent in the north, with African (Apulian) plate in the south. Collision began in Late Cretaceous – Early Eocene times and continued throughout the Tertiary with westward prograding intercontinental deformation. The result of the Alpine orogenesis in the Tertiary was the so-called ‘External Hellenides’, representing a west verging fold-and-thrust belt consisting of NNW-SSE striking thrust sheets.
The Ionian zone is characterized by the predominance of pelagic facies for an extended time period; in particular from Middle Jurassic to early Miocene. Moreover, the Ionian zone changed its paleogeographic character from neritic to pelagic at the end of Early Jurassic, contrary to the neighbor isopic zones such pre-Apulian and Gavrovo, which remained shallow platforms during Mesozoic. The nature of the sediments below the evaporites remains unknown so far.
Several oil and gas fields have been discovered in Albania, which belongs to the same fold and thrust belt having the same geological characteristics. The presence of a working petroleum system in Western Greece is proven by the discovery of West Katakolo oilfield, situated very close to the block area.