The contracts for the granting of the right to explore and exploit hydrocarbons in the marine areas of “Western Crete” and “Southwest Crete” are signed today at an event to be held in Athens, where Prime Minister Alexis Tsipras will attend and address.

The joint venture is made up of Total (40%), ExxonMobil (40%) and Hellenic Petroleum (20%), whose representatives will sign the contracts, while from the State side, the signatories are the Minister of Environment and Energy, Yorgos Stathakis and the Hellenic Hydrocarbon Resources Management Chairman and CEO Yannis Bassias.

The research period has a duration of 8 years (with the possibility of prolongation), a period during which, seismic and geochemical surveys and a drilling depth of 4,000 meters (including depth of water) are mandatory.

The contract provides for strict environmental protection measures during each stage of the exploration and extraction process.