Greece, ELPE to seek partner for the Ionian Sea blocks

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Greek oil refiner Hellenic Petroleum (ELPE) has successfully completed seismic surveys at offshore blocks in the Ionian Sea and the Gulf of Kyparissia, west of the Peloponnese, for which the company holds full exploration and exploitation rights. ELPE CEO Andreas Siamisis said that the company is now actively seeking to establish partnerships for these blocks.

Siamisis said that the company’s hydrocarbon exploration activities for potential natural gas deposits will focus on offshore areas and be accelerated.

The results of data collected through seismic surveys at the Ionian Sea and Gulf of Kyparissia blocks will now be analyzed, while 3D seismic data will also be collected, a procedure requiring further 12 months.

As for ELPE’s interests in offshore blocks near Crete, for which the company has established a consortium with French Total and US ExxonMobil, surveys conducted have shown similarities with areas in the eastern Mediterranean, where major hydrocarbon discoveries have been made.

Siamisis attributed delays affecting exploration work at the Cretan blocks to a legal case targeting the venture’s environmental impact study, adding that no serious company would continue exploring with such a legal case pending.