Greece, Total, ExxonMobil & HELPE sign contracts for hydrocarbons surveys off the shores of Crete

The contracts for the granting of the right to explore and exploit hydrocarbons in the sea areas of “Western Crete” and “Southwest Crete” were signed. These are marine areas of 20.058,4 sq.km. west and 19.868.37 sq.km. southwest of Crete.

The Greek Minister of Energy Mr. Stathakis referred to the benefits that will come from the agreement, pointing out that there quite many for Greece and Crete as well.

As he underlined, “some of the Greek government money will be allocated directly to the Region of Crete and this is good for the university institutions too. The Hydrocarbon Research Institute has already been established in Crete”.

The joint venture is comprised of Total (40%), ExxonMobil (40%) and Hellenic Petroleum – HELPE (20%).

The research period will be 8 years, a period in which the companies must perform seismic and geochemical surveys and one drilling at the total depth of 4.000 meters (including depth of the water).