Major oil reserve discovered in Gulf of Patras – Greece, 26 September 2016

Hellenic Petroleum (ELPE) announced that a significant oil reserve in the Gulf of Patras has been confirmed by a study of seismic surveys. The reserves are estimated to be on par with those at Prinos oilfield .
The initial estimate of extractable oil is between 80 and 100 million barrels, while the ongoing processing of the high-definition surveys is looking to establish whether the seabed is indeed holding Greek second largest oil reserve, as indicated by geological findings. ELPE has already started making plans for the first drilling, which is very likely to be done in cooperation with a major multinational oil company. Unofficially, major companies such as ExxonMobil, Shell, BP, Total and Repsol have already shown interest.

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