Total (NYSE: TOT) in a consortium with Greece's Hellenic Petroleum and Italy's Edison has bid for one offshore gas drilling block in the west of Greece, an official with Hellenic Petroleum said on Feb. 5.
Greece, which clinched a third bailout with international creditors in August, has made several fruitless attempts over the last 50 years to find big oil and gas reserves. Its debt crisis has prompted the country to step up those efforts.
The country received three bids for deep sea oil and gas drilling in 20 offshore blocks in the Ionian Sea and south of the island of Crete last summer and unsealed the bids earlier this week.
"Total, Hellenic Petroleum and Edison have submitted a joint financial bid for the block 2 in the Ionian Sea," said a Hellenic Petroleum official who declined to be named.
The official said that Hellenic Petroleum, Greece's biggest oil refiner, has also bid independently for two other blocks in the Ionian Sea.
The energy ministry said on Feb. 4 it awarded concessions to Hellenic Petroleum and Greece's sole oil producer, Energean Oil for onshore gas drilling in three fields in the west of the country.
Hellenic Petroleum in a venture with Edison and Energean Oil are already searching for oil in three onshore and offshore blocks in western Greece.
Recommended Reading
BP’s Kate Thomson Promoted to CFO, Joins Board
2024-02-05 - Before becoming BP’s interim CFO in September 2023, Kate Thomson served as senior vice president of finance for production and operations.
Magnolia Oil & Gas Hikes Quarterly Cash Dividend by 13%
2024-02-05 - Magnolia’s dividend will rise 13% to $0.13 per share, the company said.
TPG Adds Lebovitz as Head of Infrastructure for Climate Investing Platform
2024-02-07 - TPG Rise Climate was launched in 2021 to make investments across asset classes in climate solutions globally.
HighPeak Energy Authorizes First Share Buyback Since Founding
2024-02-06 - Along with a $75 million share repurchase program, Midland Basin operator HighPeak Energy’s board also increased its quarterly dividend.
Occidental Increases Annual Dividend by 22%
2024-02-11 - Occidental Petroleum Corp.’s newly declared dividend is at an annual rate of $0.88 per share, compared to the previous annual rate of $0.72 per share.