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January 8, 2021

Energean acquires Total’s entire 50% stake in Block 2 offshore Greece

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.

By Himaja Ganta

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.

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.

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“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.

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