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Energean buys Total’s share of Ionian Sea Block 2

Featured Energean buys Total’s share of Ionian Sea Block 2

Energean on Thursday announced the acquisition of Total’s 50 percent share of Block 2 in the Ionian Sea.

Taking into account that Energean is intending to acquire Edison E&P, which holds 25 pct of the exploration and drilling rights in Block 2, the company will hold 75 pct of the exploratory drilling and exploitation rights in Block 2, while the remaining 25 pct belongs to Hellenic Petroleum.

Energean noted that, based on up-to-date surveys in the region, Block 2 includes a broader potential target that extends over 60 pct over Greek territory and 40 percent in Italian waters, in a sea region in which Edison is active. Consequently, this part of Edison will pass to Energean’s control.

The agreement was signed on Thursday by the managing director of Total E&P Greece Denis Lemarchal and the managing director of Energean group Mathios Rigas.