Energean Oil has agreement approved

The Standing Committee on Production and Trade of the Hellenic Parliament has voted in favor of ratifying the seventh amendment to the Convention on Hydrocarbon Exploitation in the Maritime Area of the Thracian Sea between the Greek State and Energean Oil.

According to Deputy Minister of Environment and Energy Alexandra Sdoukou, citing the public interest and the national importance of hydrocarbon research and exploitation in Greece’s only active hydrogen production area, “we have decided to extend the contract duration from 25 to 40 years.

We aim to integrate this development project with other initiatives by the same contractor in the region, such as the carbon dioxide storage project which holds significant environmental importance,” the deputy minister emphasized.