The French multinational oil company Total announced yesterday the withdrawal from two Greek hydrocarbon blocks close to Crete immediately after the completion of the studies in these areas.
The company announced:
“After the completion of the studies carried out on the research areas in “Western Crete” and “Southwestern Crete”, TotalEnergies decided to withdraw from the two blocks.
TotalEnergies EP Greece informed the authorities and its partners about this decision. TotalEnergies remains committed to renewable energy development in Greece. “TotalEnergies continues its activity in Greece through its subsidiary TotalEnergies Marketing Hellas”, the company states in its announcement.
So far, the main reason that seems to have led to the departure of TotalEnergies seems to be the change of its general targets, with the company focusing on Renewable Energy Sources (RES).
It is expected in the next period of time to see if another company will replace Total in the research areas. Unfortunately, Greece has lagged far behind in the field of natural gas exploration and is now paying the price.