Patraikos Gulf (West)

patraikos1The offshore block Patraikos Gulf (west) in western Greece was awarded in October 2014 following an open door tender, to Hellenic Petroleum (50% Operator) and Edison International (50%) and the Lease Agreement was ratified by the Greek parliament with the force of law (Official Gazette Issue A, 221/03-10-14).
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.  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.
The Patraikos Gulf Block covers an area of 1,892 sq. km. The minimum work programme for the exploration stage which is divided in 3 phases (3 + 2 + 3 years) includes among others seismic acquisition of 3D seismic data, studies and the drilling of two exploration wells. In case of a discovery a 25 years exploitation period with two extensions, 5 years each, are included in the terms of the Lease Agreement between the Greek State and the Lessee.  During the first phase Hellenic and Edison have agreed not only to fulfill the minimum work programme obligations but also to reprocess and acquire additional data taking into consideration the agreed time schedule while minimizing t the environmental footprint. Therefore 2.000 Km (instead of a minimum 1.500 Km) of old seismic 2D data have been reprocessed, as well as a new state of the art 3D seismic survey has been acquired. This involved the acquisition and processing of 1.822 3D seismic lines (instead of  800 sq. Km) and 325km 2D lines. During the seismic acquisition high resolution gravity and magnetic readings were recorded which were processed separately generating gravity and magnetic models for the area.
The West Patraikos Gulf Marine Seismic Survey was a complex project due to its confined geographical location, the sensitive environmental parameters as well as the dynamic socioeconomic activities prevailing in the area. All activities, technical parameters, legal issues and involved parties were carefully selected, organized, coordinated and managed to achieve successful project results and maintain positive long term business relations.   The geological complexity of the area dictated the use of very long cables (8km) within a relatively narrow area and the acquisition of the data from two different directions (EES-WWN and NNE-SSW). In addition, processing of the seismic data to the depth domain using the method of Tomography is also to be implemented in order to deal with the existence of vertically extended salt bodies.  The acquisition of the 3D marine seismic survey lasted 34 days with zero environmental foot-print and no delays. Currently and in order to improve the geological understanding of the block, a number of local services are contracted to provide studies that will add value to the area, by addressing issues related to the geological evolution of the area and that will enhance the effort to high grade prospects in the block (e.g. geochemical analyses and studies, tectonic and sedimentological studies, remote sensing studies etc).    It is anticipated upon decision of the Lessee to enter the 2nd exploration phase the first exploration well will be drilled in 2018 to confirm the hydrocarbon potential of the Patraikos Gulf (west) block.