UK-based Energean has completed its acquisition of French oil major Total’s entire 50% working interest (WI) stake and operatorship in Block 2, offshore Western Greece.
Last February, Energean agreed to acquire Total’s 50% WI and operatorship of Block 2.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Energean’s working interest in the block is currently 75%, including the 25% working interest acquired through the acquisition of Edison Exploration and Production (E&P).
The remaining 25% is owned by Hellenic Petroleum.
The latest 50% acquisition from Total provides Energean with additional exploration opportunities in the Eastern Mediterranean, which is the company’s core area.
In a press statement, Energean stated: “Work on the licence to date has identified that it contains part of a large four-way dip closure that is covered by 2D seismic and represents a potential future drilling prospect.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“The prospect is thought to be an analogue to the producing Vega field offshore Italy, in which Energean is the operator with a 60% working interest, following the completion of the acquisition of Edison E&P.
“Energean also participates in the adjacent 84F.R-EL block offshore Italy, pending award.”
In October 2019, Energean signed an agreement to sell Edison E&P North Sea assets to Neptune Energy Group for up to $280m.
