“Signing Off” – Oil exploration starts in the Ionian Sea

“Signatures on the granting of exploration and exploitation rights to hydrocarbons in two regions of the Ionian Sea” “Within two to four years we will have a first strong insight into the potential for exploiting hydrocarbon deposits, which will have a highly multiplier effect on the economy,” said Minister of Environment and Energy George Stathakis speaking at the signing ceremony.

This is the sea area 10 in the Kyparissia Gulf, which was allocated to Hellenic Petroleum and the Ionian sea area, which is allocated to the consortium of HEPA with the Spanish Repsol, and which is believed to contain hydrocarbons in a significant stock.

Mr Stathakis has been particularly concerned about the protection of the environment, noting that our country has incorporated all the environmental legislation in force in Europe and which is the most stringent internationally. He also stressed that with today’s signature and with the corresponding contracts for the marine area west of Crete, a large number of concessions are concluded for exploration and exploitation of hydrocarbons.

The minister also underlined that developments in the sector are part of thedevelopments that concern the whole of the Eastern Mediterranean, which enters the hydrocarbons map with possibilities that form a very ambitious plan for the whole region.

“Hellenic Petroleum is involved in hydrocarbon exploration in 7 regions in Greece, which after the signing of the contracts for Crete will grow to 9. We managed to show real interest to the country companies such as Exxon Mobil, Total and Edison” said on his behalf the Chairman and CEO of the Hellenic Petroleum Group, Efstathios Tsotsoros, who also mentioned separately the collaboration with Repsol for the Ionian region. He also assured that the group with collaborations with both Greek and foreign companies has given priority to the issues of environmental protection.

The chairman and chief executive of the Hellenic Hydrocarbon Management Company Ioannis Basias noted that the country should explore and exploit domestic energy sources while announcing that the next steps will include surveys in a land basin such as Grevena and Thrace.

Interesting strong business groups

General Director of Strategic Planning of Greek Petroleum George Alexopoulos referred to the comparative advantages of our country which, he said, is a new oil-rich region that has attracted the interest of strong business groups.

For his part Repsol’s director of international operations, Mikel Erquiaga, noted that today is the third contract signed by the company in our country after a long journey started in 2015. He reiterated the group’s commitment to research in Greece while he described keys to success, relationships with local communities, respect for the environment, fulfillment of contractual obligations, selection of good local partners such as Hellenic Petroleum and good cooperation with cubesand the competent bodies of the State.

Protests against oil exploration made the signing ceremony outside the Greenpeace ministry’s activists.


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