Friday October 31, 2014 Search
Weather | Athens
19o C
12o 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)  
Power rates soared 60 pct in six years
NBG chairman sees risks to recovery
Greek consumers shift toward money saving
IMF could offer know-how in backup plan for Greece
A year after GD members shot dead, police have no leads
A year after two members of neofascist Golden Dawn were shot dead outside the party’s offices in Neo Iraklio, north of Athens, police sources admitted that they have no leads to the killers....
No new Manolada trial, court rules
The Supreme Court has decided that four men who stood trial earlier this year for shooting 28 migrant workers at a strawberry farm in Nea Manolada in the Peloponnese should not be retried. S...
Inside News
BASKETBALL
Obradovic watches Greens thrash his Fenerbahce
The second homecoming of former Panathinaikos coach Zeljko Obradovic, now at Fenerbahce, was not as emotional as last year’s, but it was certainly was the night of an emphatic triumph for th...
SOCCER
Berg returns to add spice to Panathinaikos´s Cup win
The second round of games for the group stage of the Greek Cup produced plenty of interesting games and results in midweek, but it still lags the upset potential that the knock-out stages of...
Inside Sports
COMMENTARY
The judiciary’s responsibility
The reform efforts over the past few years have begun to bear fruit. Greece has improved its standing in the World Bank’s Doing Business rankings, rising 48 positions from 2010 to 61st place...
COMMENTARY
Time is running out in Afghanistan
Thirteen years after the attacks on the Twin Towers and NATO's entry into the war in Afghanistan, things remain pretty much unchanged: Political instability and insecurity  reign in the Cent...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Obradovic watches Greens thrash his Fenerbahce
2. Berg returns to add spice to Panathinaikos´s Cup win
3. Power rates soared 60 pct in six years
4. NBG chairman sees risks to recovery
5. Greek consumers shift toward money saving
6. IMF could offer know-how in backup plan for Greece
more news
Today
This Week
1. Greek euro dilemma is back as minister predicts volatility
2. Students hijack university senate meeting
3. Clientelism belongs to the past, says Mitsotakis
4. European stocks tumble as banks decline after Enria’s comments
5. Civil servants to be investigated for transferring money abroad
6. Over 1,500 buildings and vehicles damaged in flash floods
Today
This Week
1. Austria’s creative bookkeeping beats Greece on secret debts
2. End of reason, end of humanity
3. Clean bill of health for Greek banks from stress tests
4. Samaras pledges action after flash floods in Athens
5. Eurobank, National Bank restructurings eliminate capital gap
6. Athens flood damage assessed, compensation payments to begin
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.