The block, in the northwestern Peloponnese, spans 545 sq km (210 sq mi). An exploration well drilled in 1981 by state-owned company DEP-EKY proved oil in the Katakolon structure.
Energean, which will operate the license, estimates 5 MMbbl can be recovered through extended-reach drilling from an onshore location.
The partners have committed to a $21.3-million program during two phases over five years. This involves 2D and 3D seismic data reprocessing, field development and environmental assessment studies in the first phase, new seismic data acquisition if needed, and drilling of a production well.
The contract remains subject to ratification by Greece’s Parliament.