Greece signs oil, gas expl. deal with Total, Edison

Greece signed oil and gas exploration deal with a Total-led consortium for the Ionian hydrocarbon block offshore Greece, the Greek Ministry of Environment and Energy announced on Monday.

The Total-led consortium, including Italy's Edison and Greece's Hellenic Petroleum (ELPE), entered into a contract with the Greek government for the concession for oil and gas exploration rights in a block west of Corfu in the Ionian Sea, the Ministry said.

Greece's Environment and Energy Minister Giorgos Stathakis, Senior Vice President for Business and Operations at Total’s New Energies Division Bernard Clement, Edison Representative Maurizio Coratella and ELPE's President Stathis Tsotsoros attended the signing ceremony.

"The agreement shows confidence in the Greek economy and sends a strong message that there is interest from foreign investors in Greece's natural resources," the Greek minister said during the ceremony.

The agreement allows Total to operate the block with a 50 percent stake while Edison and ELPE will each hold a 25 percent interest.

The Greek government recently announced that it will open tenders for oil and gas exploration licenses in 20 blocks in the Ionian sea and in the south of Crete.

Reporting by Furkan Naci Top in Athens, Greece

Writing by Ebru Sengul



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