The negotiations of the Hellenic Hydrocarbons Resources Management S.A. (EDEY) with the consortium TOTAL-ExxonMobil-Hellenic Petroleum for the area to the west and southwest of Crete, and the consortium REPSOL-Hellenic Petroleum for the Ionian Sea will be concluded by end June, EDEY President Giannis Bassias said in a press conference on Tuesday. Once an agreement is reached, it will be presented to the Parliament for its ratification, so that the procedure is completed before the end of the year, Mr. Bassias stressed.

The research areas are considered high-risk but also of high yield, as there are great sea depths, and thus the drilling cost is also high. However, it is considered that in a few years, when the consortia will be ready to proceed to drilling, the technology for researches in depths of more than three thousand meters will also have matured.

 

Translation: Eleni Gogou