Greece signs licence agreement for Ioannina block

The Greek Government has signed a licence agreement with the consortia of Energean Oil & Gas and Petra Petroleum for the Ioannina onshore block in Epirus.

Ioannina covers a 4,187km² area, which features analogues of proven and producing oil fields in Albania and Italy. Energean expects that around 100 million barrels of oil or 2 trillion cubic feet of natural gas could be discovered in the block.

The company said that the €32.4m investment programme includes three exploration phases over seven years. Phase one will feature 2D seismic data reprocessing, geological surveys and new seismic data acquisition while the second and third phases involve the drilling of two wells.

The Greek Government also signed a licence agreement with Energean and Trajan Oil for the Katakolon offshore block previously.

Energean Oil & Gas chairman and CEO Mathios Rigas said that the company believes there are petroleum systems in the western part of Greece, as a continuation of the same geological features identified in the Adriatic Plate.

"Energean has an impeccable track record in operating in environmentally sensitive areas, and we will conduct our operations in Ioannina and Katakolon with the utmost regard for the environment, ensuring there will be no impact from our activity on the two blocks," Rigas added.

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Image: Executives signing contracts for both licences, which are subject to Greek Parliament ratification. Photo: courtesy of Energean Oil & Gas.