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

According to Energean Ol & Gas's planning, it is estimated that by the summer of this year, the environmental ministry will approve the environmental study of the project to begin, the first drilling to be completed by the end of the year, or the beginning of 2021.

Energean and the Public Gas Corporation of Greece (“DEPA”) have agreed to cooperate to further support the EastMed Pipeline Project. Ahead of the Intergovernmental Agreement on the EastMed Pipeline, to be signed later today by the Ministers of Cyprus, Greece and Israel responsible for Energy, Energean and DEPA have signed a Letter of Intent (“LoI”) for the potential sale and purchase of 2 BCM natural gas per annum from Energean’s gas fields offshore Israel, where Energean is investing $1.7 billion for the development of the Karish & Tanin fields through the FPSO “Energean Power”.