Greek authorities are urgently looking for a replacement for the departed Total

The Greek authorities are offering other companies that have received concessions for the development of hydrocarbons in Greece to take over the areas that the French TotalEnergies refused.

ΕΔΕΥ started negotiations with potentially interested international groups for their participation in hydrocarbon exploration, since after the official withdrawal of TotalEnergies, the transfer of its share to a third party is crucial for the exploration of subsea hydrocarbon reserves in southern Greece.

It is noted that ΕΛΠΕ announced its intention to continue exploration of this field, but now the question is who will cover the 40% that TotalEnergies had.

EDEY seeks to have another international player take the place of the French group and take over all or part of 40% of it, with the rest divided between two other concessionaires such as ExxonMobil and ΕΛΠΕ. Recall that in addition to TotalEnergies (40%), the American ExxonMobil (40%) and ΕΛΠΕ (20%), which received licenses for the exploration and exploitation of two blocks in the south of Crete, participate in the consortium.

As we reported earlier, after completion of the studies carried out in the West Crete and South West Crete research sites, TotalEnergies decided to withdraw from the two blocks. At the same time, TotalEnergies EP Greece informed the authorities and its partners about this decision.

According to the statement, the company remains committed to the development of renewable energy in Greece and continues its activities through its subsidiary TotalEnergies Marketing Hellas.

Market sources link the departure of the French group with a change in its strategy due to new data in the energy market.

What do the Greek government think about this?

It is worth noting that during this period, the intention of the government was expressed to strengthen the exploration of natural gas deposits in the country, accelerating the procedures for exploration and production of natural gas in Greece. Exploration of hydrocarbons is now a priority of national importance, since it can strengthen the energy autonomy of Greece and Europe after the break in relations with Russia.

In this context, the role of ΕΔΕΥ is intensifying and becoming decisive for shaping tomorrow, securing the interest of new international investors, the Greek Ministry of Energy says.

Speeding up procedures at already licensed sites in this context becomes an urgent priority to prove the political will and effectiveness of the procedures. With the completion of seismic surveys at two offshore sites in the Ionian Sea, the data is in the analysis stage and the Crete sites are in the feasibility study stage.

According to Prime Minister Kyriakos Mitsotakis, a special task force will be responsible for accelerating the country’s efforts to explore and develop potential oil and gas reserves. He added that the government is “optimistic” and stressed: “If we have significant reserves, we will replace imports with our own national wealth.” The Prime Minister also said that “in addition to a country that can store (liquefied) gas, Greece can also be a country that produces natural gas.”

Another question is when this will happen, and where the country’s population will get the money to pay for American LNG until Greece covers at least part of its demand with gas from its own production.

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