Total (40% operator), ExxonMobil (40%) and Greece’s state Hellenic Petroleum (20%), have finally put pen to paper with Athens to take two deepwater offshore blocks, covering a total area of 39,926km², to the west and southwest of Crete. The award was initially made in 2017 but crippling Greek bureaucracy held up finalization (MEES, 8 June 2018).
Prior to 2017 Exxon had a meagre presence in the region but has been expanding since taking a 60% stake in Cyprus’ offshore Block 10 with partner QP (40%) in April 2017, where the firms announced the Glaucus discovery in February (MEES, 1 March). Earlier in February this year Exxon was awarded its first ever upstream asset in Egypt, taking the offshore North East El Amriya Block (MEES, 15 February). (CONTINUED - 136 WORDS)