Hellenic Hydrocarbon Management Company in talks with foreign energy giants

Greece is on the map of the investment plans  of oil giants for the exploration and exploitation of natural gas fields.

According to sources from the Hellenic Hydrocarbon Management Company (EDEY), Western sanctions against Moscow, following the Russian invasion of Ukraine and the relocation of European upstream groups from Russia, offers a unique window of opportunity for Greek hydrocarbons. The aforementioned reshuffles “in combination with the decision of the government and the Prime Minister himself to restart the investment program of the exploration of possible gas fields in the six concessions has aroused the interest of international oil groups for their entry into Greece”, note EDEY sources.

It should recalled that, among others, large oil groups such as Shell, BP, Equinor left Russia. These hydrocarbon giants had not included Greece in their strategic plans, until recently .

The talks

EDEY is in advanced discussions with energy giants, and according to circles of the public company, with some of them they have signed relevant confidentiality agreements regarding the content and the outcome of the negotiations.

The areas that are said to be in the sights of hydrocarbon companies are the two maritime concessions of Crete as well as the two of the Ionian Sea. As for the blocks “West of Crete” and “Southwest of Crete”, market information wants French firm TotalEnergies, which is the agent of the joint venture with ExxonMobil and Hellenic Petroleum, to have expressed its intention to withdraw from the leased concessions. So, if after October 2023, when the first stage of the research program ends, the French insist on their decision, a new “player” will enter. At this point, it should be emphasized that EDEY circles do not confirm this information, emphasizing that in the context of the implementation of the plan to accelerate the exploration of Greek deposits, they will meet with all existing investors in order to cooperate in the implementation of their research programs.

However, Hellenic Petroleum is also looking for a partner for the offshore blocks “Ionion” and “Kyparissiakos Gulf”, so in these areas there is room for activity of a multinational group.

Crete

For EDEY, according to its sources, the big bet remains the exploration of the targets of Crete and they consider possible the target for the execution and completion of the two-dimensional seismic surveys by the end of 2023. The sea area based on the geological data has large gas fields.

Among the priorities of EDEY, are also the implementation of the first research drilling in Greece, after more than 20 years, which is aimed at the land concession of Ioannina. The area has been leased by Energean, with which EDEY is working to remove administrative barriers.

Similar actions are being taken for sea “block 2” located northwest of Corfu. The consortium of Energean – HEL.PE decided to accelerate the three-dimensional seismic surveys, bypassing the two-dimensional ones, as, according to information, a possible target for a natural gas field has been identified.

EDEY sources believe that the upgrading of hydrocarbon exploration and exploitation projects into projects of national importance leads to the shortening of time and bureaucratic procedures for the issuance of the necessary permits required at the drilling stage.