Energean Oil and Gas will farm out a 60% interest in two of its assets onshore Greece to Repsol.
Athens-based Energean said the Ioannina and Aitoloakarnania blocks were “priority exploration targets” that are located in the west of the country.
Spain’s Repsol will become the blocks’ operator once the deal goes through, subject to approvals.
Energean Group chief executive Mathios Rigas said: “We are delighted that Repsol has agreed to farm into Energean’s Ioannina and Aitoloakarnania blocks, which represents a significant step forward for the development of the Greek oil and gas sector.
“Repsol’s expertise and Energean’s knowledge of the area’s geology will undoubtedly drive forward the possibility of making new discoveries in Western Greece, and developing this region as a significant new oil and gas province.”
Energean acquired the Karish and Tanin fields from Delek Drilling and Avner for $148million.