Share This On Social

The consortium of French oil giant Total, Hellenic Petroleum and Italian Edison will explore the waters off the Greek island of Corfu for offshore oil and gas. The representatives of the two companies commented that they had “realistic expectations” for the bloc on the basis of the first surveys, but also fears that the concession could be further delayed.

These concerns may have their reasons. The tender for the exploration of the Ionian Sea block was announced four years ago, and Total, Edison and Hellenic Petroleum were named as contractors two years ago. Today, the consortium ensures that it is ready to start work.

The Greek state receives 500,000 EUR in concession and expects an additional 1.5 million EUR from concession fees over the next eight years.

French Total owns 50% of the project and the remaining companies share 25%. They are also candidates for another potential block in the offshore zone of Crete Island.

