Energean takes over Total stake in block off Greece

Oil and gas company Energean has completed its acquisition of Total’s entire 50 per cent working interest share and operatorship position in Block 2, offshore Western Greece.

Block 2 offshore Western Greece - Energean
Block 2 offshore Western Greece; Source: Energean

Energean signed an agreement for the acquisition of Total’s stake in Block 2 off Greece in late February 2020.

Combined with the 25 per cent working interest that was acquired through the acquisition of Edison E&P, Energean’s working interest in the block is now 75 per cent while Hellenic Petroleum holds the remaining 25 per cent, Energean said on Thursday.

The acquisition provides Energean with additional exploration opportunities in its core area of the Eastern Mediterranean and Block 2 carries limited remaining financial commitments to satisfy the minimum work obligation.

Work on the licence to date has identified that it contains part of a large four-way dip closure that is covered by 2D seismic and represents a potential future drilling prospect.

The prospect is thought to be an analogue to the producing Vega field offshore Italy, in which Energean is the operator with a 60 per cent working interest, following the completion of the acquisition of Edison E&P.

Energean also participates in the adjacent 84F.R-EL block offshore Italy, pending award.