ExxonMobil will assume operatorship of lease areas West Crete and Southwest Crete offshore Greece following negotiations by joint venture partners following the withdrawal of TotalEnergies EP Greece BV from the consortium, partner Hellenic Petroleum Holdings SA noted in a July release.
The parties agreed that the 40% interest held by TotalEnergies is to be assumed by ExxonMobil Exploration and Production Greece (Crete) BV (taking 75% of the 40%) and by the Hellenic Petroleum subsidiaries Hellenic Petroleum Exploration and Production West Crete Single Member SA and Hellenic Petroleum Exploration and Production Southwest Crete Single Member SA (taking 25% of the 40%), with TotalEnergies EP Greece BV fulfilling its financial and other obligations, Hellenic said.
Following completion of the transaction, interests in each of the respective lease agreements will be ExxonMobil, operator, with 70% interest, and Hellenic subsidiaries 30%.
The transaction is subject to consents from competent authorities.
Lease agreements for hydrocarbons exploration and exploitation rights for the two offshore areas were ratified by Greek Parliament in October 2019.
