Sunday December 21, 2014 Search
Weather | Athens
17o C
10o 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)  
Political saga is harming liquidity
Bad timing for tenders as oil rates decline
Tax exemptions deprive state budget of over 3.5 bln euros
Teiresias to track letters of guarantee
Greek PM offers compromise solution with elections by end-2015
Prime Minister Antonis Samaras on Sunday presented a compromise solution to end a political stalemate that looks likely to send Greece to early general elections in about a month's time. Spe...
Environment Ministry to reconsider controversial bill
The government over the weekend appeared to backpedal on proposed amendments widely seen as compromising legislation protecting Greek forests as well as Plaka, Athens’s old quarter. The bill...
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
‘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...
COMMENTARY
Who lost Greece
If Greece collapses much will be said about where the fault lies. Sure, we all know the failings of Greek politicians. That said, much of the blame lies with outsiders who pushed Greece beyo...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Special day for Abidal, lucky one for PAOK
2. Political saga is harming liquidity
3. Bad timing for tenders as oil rates decline
4. Tax exemptions deprive state budget of over 3.5 bln euros
5. Teiresias to track letters of guarantee
6. Agenda
more news
Today
This Week
1. Greek PM offers compromise solution with elections by end-2015
2. Who lost Greece
3. ‘Crisis of confidence will come back again and again,’ says Thomas Piketty
4. Snubbing the moderates
5. Agenda
6. Teiresias to track letters of guarantee
Today
This Week
1. Samaras summons bond vigilantes with euro exit talk
2. A friendly yet firm message from Pierre Moscovici
3. Europe's drama in Greece needs final act to avoid tragedy
4. High stakes
5. On the edge but not gutless
6. Gap between SYRIZA and New Democracy closing, says poll
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.