Greece’s biggest oil refiner Hellenic Petroleum played down reports on Oct. 31 of a potentially large gas find off Crete, saying speculation was premature.
Citing a senior executive from Hellenic, Greek media reported on Oct. 31 that the refiner had indications for estimated gas reserves of 10 trillion cubic feet (Tcf) off Crete, based on past seismic data.
But Hellenic distanced itself from those reports. “With the data at our disposal Hellenic Petroleum is not yet in a position to refer to the existence, the size of deposits or whether they are commercially viable,” the company said.
Hellenic, in consortium with Exxon Mobil Corp. and Total, were awarded a license to search for hydrocarbons off the island of Crete last summer.
Past surveys have suggested that the little-explored region off Crete, riven by converging tectonic plates that form folds of petroleum traps, displays promising geology that now requires surveying to confirm any actual deposits.
Recommended Reading
Diamondback’s Viper Buys $1.1B in Permian Mineral, Royalty Interests
2024-09-11 - Diamondback subsidiary Viper Energy is spending $1.1 billion on a series of Permian Basin mineral and royalty acquisitions from Tumbleweed Royalty, which was formed by the executives behind Double Eagle Energy.
Beyond Energy: EnergyNet Expands Marketplace For Land, Real Assets
2024-09-03 - A pioneer in facilitating online oil and gas A&D transactions, EnergyNet is expanding its reach into surface land, renewables and other asset classes.
APA Executive: After Recent Divestitures, ‘More to Come’
2024-08-19 - At the EnerCom Denver conference, an APA Corp. executive didn’t address reports that APA was shopping up to $1 billion in Permian Basin assets, but he said the company is looking to shed $2 billion in term loans associated with its purchase of Callon Petroleum.
Fury Resources Lowers Offer for Permian E&P Battalion by 29%
2024-08-15 - Fury Resources' new offer reduces the amount of consideration payable to Battalion’s stockholders. Battalion said it was reviewing the amended terms of a merger agreement that was announced in December.
APA Divests $950 Million in Non-core Permian Basin Assets
2024-09-13 - APA Corp. said it would sell assets in the Central Basin Platform, Texas and New Mexico Shelf and Northwest Shelf that average 21,000 boe/d, 57% oil.