At the end of 2018 and early 2019, the first exploration drilling of the Greek Petroleum Consortium with Edison in the West Patras Gulf will be planned, reaching a depth of 2,800 meters, with the hope of finding a hydrocarbon deposit that, according to the indications so far from the previous investigations, if there will be rather oil and not gas.
This points to the responsible of the Hellenic Petroleum Firms (APE – BETA), stressing that the submission of a new environmental study, which will concern only the drilling, is due to take place, a study that will be put into public consultation for about two months.
According to the same executives, the drilling will take place in the western part of the plot that has been allocated for research in the Patraikos bay. This is an area of 1,419 square kilometers, between Kefalonia, Achaia and Aitoloakarnania
If it is successful, if oil is discovered, new boreholes will be used for the fencing of the deposit, ie the estimation of its total size and, in the final stage, if the exploitation is profitable, new drilling for the pumping of the stocks.
These are high-cost investments as the depth of the sea where the research drilling is planned is about 300 meters while the target is another 2,500 meters below the bottom. Research drilling at this depth is estimated to cost around 50 million euros while at least another 30 million is the cost of drilling for perforation.
These boreholes require specialized equipment, that is a floating drilling rig that will be hired by the ELPE consortium to carry out the works.
The area of the West Patras Gulf was assigned to the ELPE-Edison Consortium in October 2014, and since then seismic and geological surveys and data processing have been conducted in the area.
It is recalled that last week, the Minister of Environment and Energy George Stathakis and the representatives of oil companies signed contracts for granting the right to explore and exploit hydrocarbons in the Ionian Sea (Repsol Hellenic Consortium) and Kyparissia Gulf (ELPE).
The signing of the respective contracts for the two maritime regions west and southwest of Crete, with the ExxonMobil, Total and Hellenic Exchanges Consortium will follow.
reproduced from economistas.gr