Exploring W.Greece with Repsol
Energean has teamed up with Repsol for oil and gas exploration and exploitation in Ioannina and Aitoloakarnania blocks, onshore Western Greece. Repsol is the Operator on both blocks and Energean holds a 40% WI.
Repsol started to acquire a 2D seismic survey over the Ioannina block in November 2017, and has planned to conduct FTG and 2D seismic survey over the Aitoloakarnania block in 2018/2019. The Ioannina farm out has been approved by the Greek Government. The approval of the Aitoloakarnania farm out is expected, as in March 2018 the Greek Parliament ratified the License Agreement signed between Energean and the Ministry of Energy.
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 & gas sector.
The blocks are located onshore Western Greece and are part of the Hellinide fold belt, which hosts the prolific Ionian Basin and Apulian platform and are on a par with recent large discoveries made in Albania.
In total, over 10 billion barrels of oil and 30 TCF of gas have been discovered throughout this region primarily in Albania, Italy and Croatia