Oil: new concessions in Crete and Ionian Sea

The agreements for four new research and production concessions have been ratified by the Parliament. Two of them concern sea areas south and west of Crete, one in the Ionia Sea and another in the Gulf of Kyparissia.  

The rights for research and drilling are granted to a consortium comprising Total, ExxonMobil and Hellenic Petroleum for the sea areas south of Crete, to a consortium between the Spanish Repsol and the Hellenic Petroleum for the area in the Ionian Sea and to the Hellenic Petroleum for the area of the Gulf of Kyparissia. The government had committed to proceed with the ratification of said agreements within September sending a clear message to investors that were waiting for more than 1,5 year to be confirmed as preferred bidders. The ratification of the agreements means that the countdown starts for performing research works, which if successful, will pave ultimately the way for productive drillings.