ΓΕΝΙΚΑ

Western Greece consists the centre where 90% of current exploration as well as activities for the next 50 years in the prospecting for hydrocarbon fields will take place.

Big oil giants cooperate with Greek companies, investing millions of euros in the development of any existing oil reserves (e.g. EXXON, BP, REPSOL).

Within 2021 the first oil well drilling at Patraikos Gulf block is scheduled by the consortium of ELPE with Energean (bought Edisson), whereas within 2022 an oil well drilling at the Katakolo block is scheduled by Energean. Contracts have already been made on three onshore blocks, NW Peloponnese, Etoloakarnania and Arta, as well as at the offshore blocks of Kyparissiakos, Paxoi and West of Corfu, and thus the first exploration activities have begun.

It is obvious that from the analysis above it can be easily concluded that for at least the next 50 years Western Greece will experience an unprecedented activity in the exploration and exploitation of hydrocarbons in the region, and for this reason a Hydrocarbon Research Institute will have the context and the economic activity for both its development and its financial survival.