Contracts signed for hydrocarbon drilling in northern, western Greece

Following 15 years of inactivity in the Greek hydrocarbons market, drilling in northern and western Greece was imminent following the signing of contracts in Athens on Wednesday. Drilling is expected to begin at Ioannina, northwestern Greece, offshore in the Patraikos Gulf as well as off the coast of Katakolo in western Greece.

The concession deals were signed in the presence of Deputy Prime Minister and Foreign Minister Evangelos Venizelos, Energy Minister Yiannis Maniatis, British Secretary of State for Energy and Climate Change Edward Davey and Canadian Ambassador to Greece Robert Peck.

Signing the drilling agreements on Wednesday was the consortium of Energean Oil with Petra Petroleum for Ioannina, the consortium of Hellenic Petroleum with Edison and Petroceltic for the Patraikos Gulf and the consortium of Energean Oil with Trajan Oil & Gas for Katakolo.

The drilling could lead to an estimated 250-300 million barrels of oil, while according to the energy ministry the total state revenues from oil reserves of 100 million barrels could reach 6 billion euros.