Monday May 25, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Hydrocarbon bids by March

 Energy Ministry aims high in attracting companies for the exploration of possible oil and gas reserves

By Chryssa Liaggou

The tender for the concession of blocks for oil and gas exploration will be issued in September and bids are expected for March 2015, according to Energy Ministry plans for the utilization of the country’s newly chartered hydrocarbon reserves. The ministry is aiming high regarding the expected bids, while oil companies are showing considerable interest.

The ministry’s strategy provides for the attraction of medium-sized and large oil companies and for investors’ full commitment to offer a work schedule that will come complete with the equivalent collateral as well as the protection of environmentally sensitive areas in the Ionian Sea and south of Crete.

In an informal chat with reporters on Monday, Energy Ministry officials familiar with the issue said that the characteristics of the areas to be conceded for exploration, such as the great sea depths, require very large investments that cannot be covered by small firms. However, they added, smaller companies could enter the bidding process by forging alliances with bigger firms.

The ministry officials also described the international oil industry’s response to the presentation of the Greek blocks in London a week ago as better then expected, placing emphasis on the participation of big players such as Shell, ExxonMobil, Chevron, Total, BP, Statoil, Eon, ENI and ENEL.

The representatives of those industry majors asked the Greeks to supply them with a specific timetable, clear terms and conditions and a transparent assessment system for the bids. They did not raise any issues over the size of the blocks to be conceded nor make any negative comments regarding the cost of the seismic data they need to acquire in order to prepare their bids, the same officials said in response to certain reports.

The ministry has decided not to include the area of the southern Ionian Sea where the sea depth reaches up to 2,500 meters in the blocks, as there is no internationally certified technology for drilling at such a depth.

ekathimerini.com , Monday Jul 7, 2014 (23:07)  
Spanish shares fall after vote as Greek stocks drop second day
Brussels Group talks to resume Tuesday with VAT, pension topping agenda
Greece calls on creditors to compromise as IMF payment nears
VAT adjustment is the way forward
Asylum service short of staff after losing 30 ex-municipal policemen
The bureau in Attica responsible for processing asylum applications will not be able to operate properly over the next few days due to staff shortages, authorities said on Monday. Officials ...
Tourist dies in rockfall on beach in Crete
A 36-year-old tourist from the Czech Republic was killed on Sunday night when a boulder fell on her while she was on a beach in Sfakia, Crete. Rescuers reached the Glyka Nera beach by dinghy...
Inside News
SOCCER
Berg brace gives Panathinaikos four-point lead
Panathinaikos beat Atromitos on Sunday and took advantage of the goalless draw between PAOK and Asteras Tripolis to open a four-point gap from PAOK at the top of the Super League play-off mi...
SOCCER
Reds add Cup to league trophy with 3-1 win over Xanthi
Olympiakos completed a league-and-cup double on Saturday by beating Xanthi 3-1 in the Greek Cup final at the Olympic Stadium of Athens, that was more balanced than the final score suggests. ...
Inside Sports
Greece needs a second election
Most scenarios facing Greece are bleak. The country could default, introduce capital controls, forcibly convert savers’ deposits into bank capital, quit the euro and so forth. But there is s...
COMMENTARY
No more ´quick and dirty´ fixes for Greece
International Monetary Fund Managing Director Christine Lagarde correctly said last week that the protracted negotiations between Greece and its official creditors required «a comprehensive ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Asylum service short of staff after losing 30 ex-municipal policemen
2. Spanish shares fall after vote as Greek stocks drop second day
3. Brussels Group talks to resume Tuesday with VAT, pension topping agenda
4. Tourist dies in rockfall on beach in Crete
5. ND´s Bakoyannis fears capital controls over long weekend
6. Greece calls on creditors to compromise as IMF payment nears
more news
Today
This Week
1. No more 'quick and dirty' fixes for Greece
2. Greece calls on creditors to compromise as IMF payment nears
3. ND's Bakoyannis fears capital controls over long weekend
4. Tourist dies in rockfall on beach in Crete
5. Brussels Group talks to resume Tuesday with VAT, pension topping agenda
6. Greece needs a second election
Today
This Week
1. The Greek-German breakthrough that didn’t come
2. Conspiracy madness
3. Greece came close to not paying IMF
4. National self-awareness put to the test
5. Albanian demarche raises concerns about possible territorial claims over Greece
6. Greek endgame nears for Tsipras as bank collateral hits buffers
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.