Repsol to Farm in, Operate Energean Greek Blocks

Spanish energy firm Repsol has farmed into a 60% interest in Energean's Ioannina and Aitoloakarnania blocks, onshore western Greece, in the process becoming the operator of both, the two companies said March 31.

The agreement is subject to the approval of the Greek government. Repsol plans to acquire a 2-D seismic survey over the Ioannina block in this year or next, and to conduct full tensor gradiometry and 2-D seismic surveys over the Aitoloakarnania block next year or the year after.

The Ioannina and Aitoloakarnania blocks, covering a total of 8,547 km², are priority exploration targets for Energean and strategically important for the Greek oil and gas sector. The blocks are part of the Hellinide fold belt and are on trend with recent large discoveries made in Albania. In total over 10bn barrels of oil and 30 trillion ft³ of gas have been discovered throughout this region primarily in Albania, Italy and Croatia.

Energean CEO Mathios Rigas said the deal with Repsol was a "significant step forward for the development of the Greek oil and gas sector. Repsol’s expertise and Energean’s knowledge of the area’s geology will undoubtedly drive forward the possibility of making new discoveries in Western Greece, and developing this region as a significant new oil and gas province.”

(Credit: Energean)

Energean operates the Prinos oil field (pictured above). Elsewhere in the region it has bought the Karish and Tanin natural gas fields, offshore Israel, in which it has brought in as partner Kerogen; and it also has "highly prospective exploration projects in western Greece and Montenegro."

William Powell