Hydrocarbons: The plan B after the withdrawal of TotalEnergies

And officially TotalEnergies announced its withdrawal from the hydrocarbon investigations in the two maritime concessions of Crete it had leased three years ago as head of the joint venture with ExxonMobil and Hellenic Petroleum. "Following the completion of the studies carried out on the research areas in Western Crete and Southwest Crete, TotalEnergies decided to withdraw from the two blocks. TotalEnergies EP Greece informed its authorities and partners about this decision. TotalEnergies remains committed to the development of renewable energy in Greece", notes the French multinational, confirming the publications of  the journal "TA NEA" of 1, 9, 15 and 18 April concerning the imminent withdrawal of the company.

The oil company movements are helping the planning of the Greek government to further explore and exploit possible natural gas deposits in the blocks that have been granted to investors in recent years. According to information, ExxonMobil, the second partner of the joint venture, is going to follow a similar course with the French company.

In this context, market sources want the Greek Hydrocarbon Management Company and the Greek government to keep in touch so as to attract investors to the Greek upstream. Among the names heard are Italian Eni, Shell, Chevron and Equinor. Apart from these initiatives, however, moves by existing investors as well as by the Greek government and the Hellenic Hydrocarbon Resources Management are in progress for the conduct of new seismic surveys in both Crete and the Ionian Sea.

According to information, in the sea block 2 located northwest of Corfu in the Ionian Sea, Energean, the representative of the joint venture with the Hellenic Petroleum, launched the tender procedures for the award of three...