Energean Oil & Gas has signed a Lease Agreement with the Greek government for the exploration and exploitation of hydrocarbons at the Aitoloakarnania block, onshore Western Greece.

Aitoloakarnania is an underexplored block which is part of the same system commonly referred to as the Ionian Basin, Energean revealed.

The company said the area is also considered to be the southern-most extension of the greater peri-Adriatic basin, which has proven prolific with oil and gas production in Albania, Italy, and Croatia.

In total, over 10 billion barrels of oil and 30 trillion cubic feet of gas have been discovered throughout this region, an Energean spokesperson said in a company statement.

“Energean is the only producer of oil and gas in Greece where we are developing the 41 million barrels of 2P reserves in Prinos,” Mathios Rigas, chairman and CEO of Energean Group, said in a company release. 

“Exploring Ioannina and Aitolokarnania is an integral part of our strategy to create near-term value through acquiring and developing a balanced mix of assets in the Eastern Mediterranean region,” he added. 

In March 2017, Energean agreed to farm out a 60 percent interest in the Ioannina and Aitoloakarnania blocks to Repsol, which will be the operator of both.

The two companies have already submitted an application to the Greek Government to approve Repsol’s plans to farm in and undertake a 2D seismic survey over the Ioannina block in 2017/2018, and conduct an FTG and 2D seismic survey over the Aitoloakarnania block in 2018/2019.

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