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Mr. Yiannis Grigoriou, General Manager of Exploration and Production of HydroCarbons at HELPE, expressed the Group’s interest in the immediate completion of the active tenders by the Ministry of Energy, both in the 3 land fields in Western Greece to be allotted for exploration, and in the Ionian Sea blocks that are part of the big round of allotments.
In referring to the NW Peloponnese area, mr. Grigoriou mentioned that the indications so far confirm the existence of an oil-promising geological structure. If indeed this structure contains oil, the recoverable reserve is estimated to be around 100 million barrels.
As the E&P General Director stated, the timeframe is as follows: By February, the seismic data will have been processed, immediately after that the data will be interpreted, by the summer of 2017 the areas which maintain a high probability for oil discovery will be made known, and so a year later (2018) the test drilling will commence.
Mr. Grigoriou revealed that the Group is in discussions with Calfrac, a Canadian Company, so as to activate exploratory operations in the Sea of Thrace concession, where Helpe and Calfrac own 25% and 75% of the drilling rights respectively.
At the same time, the Group is reevaluating all the existing exploratory data in the Greek region, particularly in the Ionian Sea area.