Greece, ELPE and Energean withdrew from Gulf of Patras license

, SEE Energy News

Hellenic Petroleum (ELPE) and Energean have informed the Greek Hydrocarbon Management Company (EDEY) on their decision to withdraw from the Gulf of Patras license in western Greece.

In January 2020, an 18-month extension has been granted in order to complete second phase work at the Gulf of Patras license. Previously, the consortium requested more time to complete the second phase, including exploratory drilling.

The Gulf of Patras license was awarded to a consortium of ELPE and Italian Edison through an open-door tender launched in 2012 and completed in 2014. Energean is also involved as a result of its acquisition of Edison’s E&P.

The license area, situated between Kefalonia, Achaia and Etoloakarnania, stretches over 1,419 square kilometers. Preliminary research activities have been completed, identifying wider areas to be explored, including specific drilling spots. Hydrocarbon reserves are estimated at 140 million barrels.