Greek gov’t, consortia sign preliminary hydrocarbon agreements for Crete, Kyparissia

A preliminary agreement on the concessions for hydrocarbon research and exploration was signed between the Greek state and representatives of winning bidders on Thursday.

Environment and Energy Minister Giorgos Stathakis and the president of the Hellenic Hydrocarbons Management Company Ioannis Basias signed on the concessions involving two sea blocks south and southwest of Crete, on one hand, and Sea Block 10 in the Kyparissia Gulf, western Greece.

The Cretan concession was signed by a consortium including Total (40 pct, manager), ExxonMobil (40 pct) and Hellenic Petroleum (ELPE, 20 pct), while that of Block 10 by ELPE, sole contractor.

Stathakis said Greece is following the European laws on safety and environmental protection which is the strictest in the world. He added that the preliminary agreement for the Ionian Sea is to follow.

Also, in terms of western Greek sea concessions that remained unclaimed after the last bidding process, Stathakis said the geological data is being reviewed before a new tendering process is set up.