Energean Oil & Gas has agreed to farm out a 60 percent interest in its Ioannina and Aitoloakarnania blocks, onshore Western Greece, to Repsol.
The Spanish oil and gas firm, which will become the operator for both blocks, plans to acquire a 2D seismic survey over the Ioannina block in 2017/2018, and an FTG and a 2D seismic survey over the Aitoloakarnania block in 2018/2019.
The agreement is subject to the approval of the Greek Government and the signing of the Aitoloakarnania License Agreement between Energean and the Greek Government.
“We are delighted that Repsol has agreed to farm into Energean’s Ioannina and Aitoloakarnania blocks, which represents a significant step forward for the development of the Greek oil and gas sector,” Mathios Rigas, chairman and CEO of Energean Group, said in a company statement.
“Repsol’s expertise and Energean’s knowledge of the area’s geology will undoubtedly drive forward the possibility of making new discoveries in Western Greece, and developing this region as a significant new oil and gas province,” he added.
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