Wednesday May 6, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece gets strong interest in oil, gas blocks, minister says

By Paul Tugwell & Nikos Chrysoloras

Investor interest in bidding for permits to explore for oil and natural gas off Greece is stronger than expected, Energy Minister Yiannis Maniatis said.

“More than 10 international petroleum companies have expressed interest in the Ionian Sea and south of Crete, which is better than we expected,” Maniatis said in an interview in Athens. “We now know for sure that there are hydrocarbons in Greece and that exploring for them makes economic sense.”

Greece wants to exploit potential reserves as part of efforts to boost growth amid a six-year recession that’s left than one in four jobseekers unemployed. An initial evaluation of seismic survey data in the Ionian and south of Crete shows structures similar to oil-bearing areas in southeastern Italy and Albania, the Energy Ministry said Jan. 29.

Greece will also invite bids for rights to explore three land blocks in western Greece after the country accepted an application from Enel SpA to search for hydrocarbons in the same areas, Maniatis said. The licensing rounds for both the onshore and offshore blocks will be announced officially in London July 1 and 2, he said.

The country also seeks to become a new transit route for natural gas in the region, a role that could help loosen Russia’s grip on Europe’s energy supplies, he said. “Advanced talks” are under way with Bulgaria and Romania for the construction of a floating LNG gasification and storage plant in northern Greece and the completion of an interconnector pipeline, Maniatis said in the interview June 20.

TAP link

The pipeline, known as IGB, could link to the Trans Adriatic Pipeline, carrying Azeri gas to European markets, and would be the start of a vertical corridor linking the Greek gas network with the Baltic as well as Romania, Bulgaria, and Austria.

In addition to hydrocarbons, Greece has total mineral reserves valued at about 30 billion euros ($40.8 billion), Maniatis said. “A study begun in 2011 on all possible, proven and exploitable reserves will be completed in the next few days and in the coming months we’ll issue tenders for exploitation,” he said.

Greece is the world’s second-largest producer of perlite, used in construction, accounting for 32 percent of output, and the third global producer of bentonite, used in fluids to lubricate cutting tools and as cat litter. The country is Europe’s largest producer of nickel with 49 percent of output, fourth-largest producer of magnesite and marble and is among the world’s top 10 countries for bauxite reserves. [Bloomberg]

ekathimerini.com , Thursday June 26, 2014 (13:09)  
Sklavenitis announces absorption of rival Veropoulos
Hopes of a GDP rebound evaporate
Moody´s downgrades Greek bank products, OTE rating
Greek 10-year yields rise 51 basis points
ND, PASOK snub vote on civil service rehirings
New Democracy and PASOK walked out of Parliament on Tuesday before MPs passed the government’s proposed changes to the public administration, including the rehiring of civil servants sacked ...
Thessaloniki´s Boutaris angers other mayors by transferring cash
Thessaloniki Mayor Yiannis Boutaris believes that the government’s behavior is “completely crazy” but he has nevertheless led the way among peers in transferring his municipality’s cash rese...
Inside News
TRACK & FIELD
Over 18,000 runners participate in the Athens Half Marathon
The 4th Athens Half Marathon was an unqualified organizing and sporting success on Sunday, as thousands of runners joined in the race of the 21-kilometers and the 3k and 5k runs in the capit...
SOCCER
Six teams to fight to avoid the last relegation spot
Panthrakikos was the biggest winner of the penultimate round of Super League games on Sunday through its victory at Veria, on the day that Olympiakos partied for its fifth consecutive title....
Inside Sports
COMMENTARY
Empty admissions of fault
News that the International Monetary Fund’s managing director, Christine Lagarde, has ordered a probe into who bears responsibility for the failure of the Greek program during the 2010-12 pe...
EDITORIAL
No more division
Greece will experience some serious turbulence in the days and weeks ahead as it faces several key dates that will determine its fate. It is extremely unlikely that the country will survive ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Sklavenitis announces absorption of rival Veropoulos
2. ND, PASOK snub vote on civil service rehirings
3. Hopes of a GDP rebound evaporate
4. Thessaloniki´s Boutaris angers other mayors by transferring cash
5. Greece points finger of blame at creditors
6. Moody´s downgrades Greek bank products, OTE rating
more news
Today
This Week
1. Empty admissions of fault
2. Most Greeks want euro even with new bailout deal
3. Dozens of migrants rescued at sea
4. No more division
5. OTE vies for control of Albtelecom
6. Greeks bet 5.9 billion euros on games of chance last year
Today
This Week
1. The Good, the Bad and the Ugly
2. Greece’s decade-long relationship with Merkel
3. Greek decision to exit euro would be disastrous for Greece
4. Varoufakis attacked by anarchists while dining in Athens
5. No need to widen the rift
6. Empty admissions of fault
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.