DUBLIN, Ireland – The Greek government has awarded an exploration block offshore western Greece to a consortium led by Hellenic Petroleum. Other partners are Edison International and Petroceltic. Each has an equal interest in the concession.
The Patraikos block covers 1,892 sq km (730 sq mi) in the Gulf of Patra, with water depths mainly in the 100-300 m (328-984 ft) range. According to Petroceltic, it is potentially prospective for oil in the Jurassic, Cretaceous, and Eocene formations. A working hydrocarbon system was proven by theKatakolon oil discovery wells drilled in 1982, 35 km (21.7 mi) south of the block.
There will be an initial three-year exploration period followed by two optional extensions, with a maximum license term of eight years. Firm work program in the first three years comprises geological studies and 2D and 3D seismic data acquisition.
Petroceltic expects the new concession to be formally awarded in late 2013 following ratification and finalization of the detailed agreement.