Project Profile
Value: US$66.2 million
Location: Western Greece
Area: 8,547 km2
Oil presence: 10 billion barrels of oil
Gas presence: 30 trillion cubic feet of gas
Exploration start-up: Ioannina block - 2014
The Ioannina and Aitoloakarnania blocks, covering a total of 8,547 km2 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 trend with recent large discoveries made in Albania. Over 10 billion barrels of oil and 30 trillion cubic feet of gas have been discovered in place associated with the hydrocarbon systems throughout this area. Moreover, Jurassic oil recovered on Paxi Island. In March 2017, Energean Oil & Gas farmed out a 60% interest in Ioannina and Aitoloakarnania block to Repsol. Repsol plans to acquire a 2D seismic survey over the Ioannina block in 2017/2018, and to conduct an FTG and a 2D seismic survey over the Aitoloakarnania block in 2018/2019.
Ioannina
The block is an under explored (less than 1500 Km 2D seismic and only one well drilled during the last 25 years) area of 4,187 km2. In 2014 the consortium ENERGEAN OIL & GAS and PETRA PETROLEUM was awarded the Ioannina lease. Energean has been exploring the block since October 2014, after the ratification by the Greek Parliament of the License Agreement signed with the Greek State on May 14th 2014. The investment program during the 7-year exploration period is US£35.9 million, including the acquisition of a Full Tensor Gravity Gradiometry survey (FTG), 2D seismic data, and the drilling of 2 wells.
Aitoloakarnania
The block Aitoloakarnania is a large underexplored block of 4,360 km2. On February 5th 2016, Energean was announced as the preferred bidder in the Western Greece Onshore Licensing Round for the onshore block “Aitoloakarnania”. The exploration period, totaling 7 years, is divided in three phases, while a 25-year development period with a two 5-year extension periods will follow. According to Energean’s initial plans, in the first exploration phase, basic environmental studies will be implemented, as well as geological and geophysical survey, including a Full Tension Gravity Gradiometry survey and a 2D 400-km seismic survey. The drilling of the 1st well is planned for the 2nd exploration phase, which will last two years, while the drilling of a 2nd well is planned for the 2nd exploration phase which will last two years too. The investment planned for the 7-year exploration period is US£30.3 million.
Operators:
Repsol: 60% interest
Energean Oil & Gas: 40% interest