• 9 minutes WTI @ 67.50, charts show $62.50 next
  • 11 minutes The EU Loses The Principles On Which It Was Built
  • 19 minutes Batteries Could Be a Small Dotcom-Style Bubble
  • 2 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 1 hour Saudi Fund Wants to Take Tesla Private?
  • 1 hour Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 4 hours CO2 Emissions Hit 67-Year Low In USA, As Rest-Of-World Rises
  • 14 hours How To Explain 'Truth Isn't Truth' Comment of Rudy Giuliani?
  • 12 hours Starvation, horror in Venezuela
  • 5 hours Saudi PIF In Talks To Invest In Tesla Rival Lucid
  • 10 hours Corporations Are Buying More Renewables Than Ever
  • 16 hours China still to keep Iran oil flowing amid U.S. sanctions
  • 15 hours Are Trump's steel tariffs working? Seems they are!
  • 16 hours Is NAFTA dead? Or near breakthrough?
  • 6 hours Film on Venezuela's staggering collapse
  • 2 hours China goes against US natural gas
Why Mexico’s Oil Production Could Fall Even Further

Why Mexico’s Oil Production Could Fall Even Further

Mexico’s oil production has fallen…

Nord Stream 2 Clears Another Hurdle

Nord Stream 2 Clears Another Hurdle

Russia’s controversial Nord Stream 2…

Supermajors Showing Interest In Greek Oil And Gas

Offshore

Offshore oil and gas blocks in Greece are catching the attention of the likes of Total, ExxonMobil, and Repsol, according to a new report by Reuters.

Exxon, Total, and Hellenic Petroleum have teamed up to bid on a block near Crete, while Repsol and Hellenic Petroleum bid on another block in the Ionian Sea.

The tenders went live last year, after several multinationals expressed interest in developing the fields. Energean, one of the offshore area’s original prospectors, has withdrawn from the process.

Greece became enthusiastic about fossil fuel prospects in the eastern Mediterranean after giant fields were found near Israel and Egypt. Exxon and Total are already active explorers in offshore blocks near Cyprus.

Greek energy minister George Stathakis said international interest in the blocks represented “a vote of confidence in the prospects of the Greek economy and the country’s role as a stabilizing factor in the southeast Mediterranean region.”

Western Greece approved new drilling activity from Total and Edison last month, according to a go-ahead authorized by the nation’s parliament. Four blocks in the area, one offshore and three onshore, had been ratified back in 2016, but gridlock prevented the parliament from ratifying the exploration contracts.

Greece will start opening new onshore oil and gas blocks for exploration in 2018, the head of the Hellenic Hydrocarbons Resources Management (HHRM), Yannis Bassias, told Reuters in an interview published last May.

One of the first areas slated for opening is the region of Grevena in northern Greece, close to the route of the Trans Adriatic Pipeline (TAP), Bassias said.

“As of next year, and perhaps earlier, we will begin announcing that we are opening the door to whoever is interested in onshore sites,” according to the head of Greece’s oil and gas resource management body.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News