Consortium to search for cretan oil

A French-led consortium from Total and US energy giant ExxonMobil, each with 40% stakes, as well as Hellenic Petroleum, have submitted a bid to explore for hydrocarbons off western and southwestern Crete, opening the potential for new discoveries in the region and exports to Europe, while boosting the EU’s energy security.

Spain’s Repsol and Hellenic Petroleum have in the mean time submitted a joint bid for a block in the Ionian Sea. On March 5, Greece’s Energy Minister Giorgos Stathakis welcomed the interest of major companies for hydrocarbon exploration offshore Greece, saying, “It is a vote of confidence in the prospects of the Greek economy and the country’s role as a stabilising factor in the Southeast Mediterranean region”. However, industry sources noted that the market expectation was for higher participation.

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