Energean has signed a lease agreement with the Greek government for the exploration and exploitation of hydrocarbons in onshore Western Greece, the company announced on Thursday.
The Greek oil and gas exploration company noted that Aitoloakarnania in Western Greece is an underexplored block covering 4,360 square kilometers and is part of the same system commonly referred to as the Ionian Basin.
"The area is a geological continuation of the Ioaninna block, which has been explored by Energean since 2014," the company said, adding that both blocks cover a total of 8,547 square kilometers. It also highlighted that the blocks are 'priority exploration targets' for Energean and 'strategically important' for the Greek oil and gas sector.
“Energean is the only producer of oil and gas in Greece where we are developing the 41 million barrels of 2P reserves in Prinos," Mathios Rigas, chairman and CEO of Energean Group, was quoted as saying.
The company, which focuses on the Eastern Mediterranean region, is investing a total of $1.5 billion in the region, according to Rigas.
By Ebru Sengul