ECONOMY

TAP and DESFA sign pact for operation of new pipeline

The Trans Adriatic Pipeline (TAP) consortium and the Greek natural gas transmission network operator (DESFA) signed on Wednesday an agreement for the latter to operate and maintain the Greek section of the pipeline, which will traverse northern Greece.

This constitutes the first concrete benefit for Greece’s economy from the decision by the Shah Deniz II consortium to choose TAP for the transmission of gas from the Azeri reserve to Central Europe. Almost two-thirds of TAP – some 550 kilometers – will be on Greek soil.

DESFA and TAP will also cooperate for the interconnection and interoperability of the two natural gas networks, as part of the Host Government Agreement signed last week in Athens.

In a separate development, as of Thursday, Norwegian company Petroleum Geo-Services (PGS) is making available to interested parties its preliminary findings from the seismic surveys conducted last winter in the Ionian Sea and south of Crete for hydrocarbon reserves.

They concern a sea area of 18,500 square kilometers, as they include 12,500 sq.km. surveyed by PGS and 6,000 sq.km from the National Hydrocarbon Archive.

This would be the first step toward the announcement of concession tenders for test drilling, set for the first half of next year.