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The next day of hydrocarbon exploration in Crete

Of Thanks to Floudopoulos

In about 1 to 2 months from today, the Hellenic Petroleum Group is expected to clarify its position and the next steps around the hydrocarbon exploration in the region of Crete.

As stated in this regard by the CEO of the group A. Siamisis “there is an ongoing discussion regarding the participants in the Crete bloc and a circle is closing.

In the next 1 to 2 months, there is expected to be a development, depending on the result of the appeals to the CoE “, said the head of ELPE, emphasizing the commitment of the group to do what is required in order to determine whether there is a exploitable deposit in Greece always with the highest possible level of environmental protection.

Essentially, Mr. Siamisis referred to the intention of ELPE to proceed normally with the program of conducting additional seismic surveys in the two areas, in order to determine if there is an exploitable deposit. He stressed that this is a case that is ongoing and the final result can not be specified.

Substitute

It is worth noting that according to statements by competent executives, there is a need to replace the French Total, which as it is known withdrew from the concession of Crete and its share has passed to ELPE. Characteristic are the statements made by the CEO of EDEY A. Stefatos on the occasion of Total’s departure, saying that an investor is needed.

In fact, if the information is confirmed that they want the American ExxonMobil to be “steamed” by the concessions of Crete, then it is clear that the arrival of a new player becomes imperative, who will take the place of the two big companies.

In any case, it is clear from the statements of the head of ELPE that even in the event that ExxonMobil leaves and no company is found to replace the partners that left, Hellenic Petroleum will undertake to carry out the next phase of seismic investigations in order to determine whether the two regions of Crete present an important perspective for the discovery of natural gas deposits.

Finally, it is worth mentioning that an important parameter that will determine the next moves, is the court case pending in relation to the investigations in Crete after the appeal of environmental organizations which challenged the Strategic Environmental Impact Study for the two concessions. The case is expected to be heard by the CoE in October.

Source: Capital

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