Eni looks to Crete to further East Mediterranean exploration
Eni SPA is eyeing acreage near Crete as Greece works toward opening its offshore to oil and gas development.
According to Greece’s Kathimerini website, Eni is taking the likely step from its foothold on the neighbouring Cypriot market to expand its scope in the south-eastern Mediterranean and the Greek market.
The company is expected to face strong competition with the consortium of Hellenic Petroleum, Total, and Edison considering the same area for development. Competition will strengthen Greece’s negotiating position ahead of signing concession contracts.
The Hellenic Petroleum consortium is interested in the block offshore Crete and south of the Peloponnese, while Energean Oil & Gas SA is interested in the area south-west of Corfu and west of Lefkada.
The former block is an extension of the Herodotus basin which accounts for Israel’s large gas reserves, while in the Ionian Sea belongs to the broader Periadriatic zone, which is geologically related to the regions of Montenegro, Croatia, and Albania, all of which are on the verge of exploration and development.
Yannis Bassias, head of the Hellenic Hydrocarbons Resources Management Company said in August that Greece may have up to three successful exploration wells drilled offshore by 2020.