Saturday October 25, 2014 Search
Weather | Athens
19o C
12o 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)  
TAIPED waits for green light from Eurostat
Trade deficit shrinks on big drop in imports
SMEs unable to claim subsidies
Taxes kept growing in second quarter
Athens, Nicosia satisfied by EU leaders´ stance toward Ankara
A reference in Friday’s European Council conclusions calling on Turkey to respect Cyprus’s sovereign rights left Athens and Nicosia content with the outcome of the European Union leaders’ su...
Suspended policeman chief suspect in cousin’s murder
A 27-year-old police officer who has been suspended from duty since 2013 for extortion, is being treated as the chief suspect in a murder committed in a suburb of Piraeus on Thursday. Police...
Inside News
BASKETBALL
A win is a win is a win for Olympiakos
A bad Olympiakos defeated a worse Laboral Kutxa 63-57 to make it two out of two in the Euroleague on Friday. In a game where the two teams had an overall field goal rate of about one in thre...
SOCCER
Panathinaikos snatches point at Eindhoven
Panathinaikos offered its fans a glimpse of its glorious past in European competitions snatching a draw at PSV Eindhoven, on an otherwise bad night for Greek soccer in the Europa League, as ...
Inside Sports
COMMENTARY
Tension for tension’s sake?
It is evident that Turkish President Recep Tayyip Erdogan feeds off tension. He would barely have achieved as much as he has – and prevailed – if he had not been so keen to confront a series...
EDITORIAL
Testing ground
The Regional Authority of Attica is a good testing ground for politicians who appear to thrive on accusations to prove whether they can actually solve major problems of a practical nature. T...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. A win is a win is a win for Olympiakos
2. TAIPED waits for green light from Eurostat
3. Trade deficit shrinks on big drop in imports
4. SMEs unable to claim subsidies
5. Taxes kept growing in second quarter
6. Thessaloniki Port expects 2014 to be record year
more news
Today
This Week
1. Woman killed in tram accident in Floisvo, south of Athens
2. Clocks to go back 1 hour on Sunday
3. Venizelos slams Turkey for 'flagrant violation of international law' off Cyprus
4. ECB vies for third time lucky in European stress tests
5. ECB bank assessment to show 6-billion-euro capital gap, Citi says
6. Cyprus GDP upgrade seen as boosting bailout exit plans
Today
This Week
1. The past, present and future of the Greek debt crisis
2. Greece’s closed society is central to its current malaise
3. Greece must stick to reforms, says Schaeuble
4. At least 11 banks to fail European stress tests, three in Greece, report says
5. Cyprus to block Turkey's EU talks after EEZ violation
6. Samaras’s crumbling Greek exit lacks backing from economists
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.