Monday December 22, 2014 Search
Weather | Athens
13o C
8o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Hydrocarbon contracts to be signed next week

By Chryssa Liaggou

The countdown has started for hydrocarbon drilling in northern and western Greece as the open-door concession of the areas for surveying and utilization will be sealed on Wednesday with the signing of the contracts.

Drilling will start inland at Ioannina in northern Greece and offshore in the Patraikos Gulf and off the coast of Katakolo in western Greece, with total retrievable reserves estimated at 250-300 million barrels of oil, following 15 years of inactivity in the promising domestic hydrocarbons market.

The tender for the concession of the three areas started some 30 months ago and as the Energy Ministry announced on Thursday, the contractors will sign the concession documents on Wednesday in the presence of Prime Minister Antonis Samaras and Deputy Prime Minister Evangelos Venizelos. According to the assessment committee’s recommendation to the ministry, the contractors are 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 global oil market has been closely monitoring local developments and the signing of the contracts for these regions will represent the first positive signal ahead of the expected major round of concessions in the Ionian Sea and south of Crete in June.

The government has high expectations regarding the revenues that will come from the utilization of the country’s hydrocarbons, which should benefit the country as a whole. State revenues will come from the 25 percent tax and the lease rate that will be based on the level of production, the geographical and geological structures of each region, and the revenue-expenditure ratio.

According to calculations the ministry published on Thursday, the total state revenues from oil reserves of 100 million barrels would amount to 6 billion euros. For every new job in the hydrocarbons sector, a total of 3.2 full-time jobs would be indirectly created in the broader economy, and for every euro that employees in the sector received, another two euros would be created for employees in other economic sectors.

The contracts will provide for a binding minimum program of works for every phase of the process as well as a minimum financial commitment for the implementation of those works by the contractors, through a letter of guarantee issued to the Greek state, according to the ministry.

ekathimerini.com , Thursday May 8, 2014 (23:17)  
Alpha Bank Cyprus to absorb local Emporiki
Greece’s 10-year bond yield drops 13 bps to 8.30 pct
Traders stay focused on Tuesday’s vote
Spanish bond gains push yield to record low as Greek debt rises
Police collar fraudsters who conned money out of jobless
Police in Thessaloniki, northern Greece, have arrested four suspects charged with defrauding unemployed people out of a combined total of more than 30,000 euros. Among the suspects is a 42-y...
Bill aims to close down landfills, curb EU fines
Draft legislation aimed at minimizing European Union fines for noncompliance with waste management directives, which was submitted in Parliament Monday, foresees the closure of all illegal l...
Inside News
SOCCER
Special day for Abidal, lucky one for PAOK
PAOK scraped through its Livadia challenge beating Levadiakos to remain on top of the Super League for Christmas, one point ahead of Olympiakos that enjoyed a great game at Kalloni and offer...
BASKETBALL
Explosive Barca unfazed by Panathinaikos, bomb scare
Panathinaikos lost 80-67 at home to Barcelona on Friday in a rather meaningless game at the end of the first group stage of the Euroleague, but the encounter will be remembered for the bomb ...
Inside Sports
INTERVIEW
Klaus Regling stresses debt sustainability through commitment to reforms
BRUSSELS – The man who is responsible for the loans to Greece as managing director of the European Stability Mechanism (ESM/EFSF), Klaus Regling, is the only high-ranking European official w...
INTERVIEW
‘Crisis of confidence will come back again and again,’ says Thomas Piketty
He’s treated like a rock star wherever he goes to lecture. His book “Capital in the 21st Century,” a study on income and wealth inequality from the 18th century to the present, recently tran...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Police collar fraudsters who conned money out of jobless
2. Bill aims to close down landfills, curb EU fines
3. Alpha Bank Cyprus to absorb local Emporiki
4. Greece’s 10-year bond yield drops 13 bps to 8.30 pct
5. Traders stay focused on Tuesday’s vote
6. Inspector finds serious problems in doctors´ fund management
more news
Today
This Week
1. Prosecutor gathers depositions in Independent Greeks 'bribe' probe
2. Euro shaky on ECB and Greece, dollar keeps edge
3. Government accuses SYRIZA and Independent Greeks of 'clear alliance'
4. Greek parliament vote in balance after Samaras election offer
5. Draghi starts squaring QE circle in month of persuasion for ECB
6. Klaus Regling stresses debt sustainability through commitment to reforms
Today
This Week
1. Samaras summons bond vigilantes with euro exit talk
2. High stakes
3. Europe's drama in Greece needs final act to avoid tragedy
4. A friendly yet firm message from Pierre Moscovici
5. On the edge but not gutless
6. Ship with 200 migrants off Pylos towed to Italy after passengers refuse to stop in Greece
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.