Low expectations from three hydrocarbon tenders

The Environment and Energy Ministry, as well as the energy market, have low expectations over participation of potential investors in open-door tenders for the concession of hydrocarbons assumed to be under Ioannina, the Gulf of Patra and near Katakolo in the western Peloponnese.

The recent political uncertainty and the poor preparation of the tender, combined with the relatively small expected capacity of the reserves, do not allow for expectations similar to the interest expressed in the seismic tenders for Crete and the Ionian Sea.

It is estimated that the offers to be submitted on Tuesday will only come from rather small companies, although about 20 firms have received the seismic data for those three regions, thereby fetching the first revenues to the state from those reserves, amounting to some 1 million euros.

The previous political leadership of the ministry had estimated the oil reserves at Katakolo at 3 million barrels, at Ioannina at 60-70 million barrels and at Patra Gulf at some 200 million barrels. The latter will be the easiest to drill, being undersea.

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