In the context of the 2nd Licensing Round for the exploration and production of hydrocarbons in offshore Western Greece and South of Crete, the joint venture of Total (Operator) 50%, Edison 25% and Hellenic Petroleum 25% was declared as the selected applicant on 25th of October 2016. The negotiations are ongoing and are expected to be conlcuded within the 1st quarter of 2017.
Total S.A. is a company founded in France in March 1924 and listed on the Paris, Brussels, London and New York stock exchanges. Total Group is one of the largest major integrated oil and gas companies in the world, with activities in more than 150 countries. More specifically, their activities span oil and gas production, refining, petrochemicals and marketing.
Edison is Europe’s oldest energy company, founded 130 years ago, and one of the industry leaders in Italy and Europe. Currently they are operating in 10 countries around the world in two main areas of business: hydrocarbons exploration and production (natural gas and crude oil) and electric power. Edison is listed on the Italian Stock Exchange.
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.
The offshore Greece Block 2 is located 30 kilometers west of Corfu Island. Its western boundary is adjacent to the Greek - Italian border. Water depth is ranging from 800 to 1200m from West to East of the block. This block belongs to the Apulian platform geological unit.
The Western Greece area is a largely sub-explored region, where the few drilled wells are located in the coastal areas and on the narrow continental shelf. The onshore area is characterized by a great number of surface oil seeps and several hydrocarbon indications can be seen at most of the wells. However, at the present, only one proven hydrocarbon accumulation (sub-commercial) was identified at the West Katakolon field (offshore, close to the coast). The lack of extensive exploration together with the existence of a proven petroleum system generates a clear interest in the region.
PGS acquired in 2013 a non-exclusive 2D survey, offshore western Greece. Nearly, 3.800 km of 2D seismic lines were shot in North Ionian Sea area, of which 486 km on Block 2.
The North Ionian Sea area is dominated by the most external zones of the Hellenic fold-and- thrust belt and its foreland the Apulia platform. The Hellenides belong to the Alpine orogenic system which comprises the Hellenides in Greece, the Dinarides – Albanides in the Eastern Adriatic and the Apennines in Italy. In the Adriatic area, the system consists of intensively deformed thrust sheets verging towards the stable Adriatic or Apulia foreland.