ECONOMY

Wider search for Greek oil

Greek firm Energean Oil & Gas and Israeli company Ratio Oil Exploration have tabled a joint bid to Greece’s Energy Ministry to conduct hydrocarbon surveys in the Thermaic Gulf off the coast of Thessaloniki and the Strymonic Gulf east of the Halkidiki peninsula.

Energean welcomed on Tuesday the ministry’s decision to set the process for assessing the bid in motion.

This is the first time a company has used the legal provision allowing the concession of survey rights to areas not included in a proclaimed tender.

If the application is approved, a statement will be issued, signed by the minister and published in the Government Gazette as well as by the European Union. If any other companies wish to counterbid, they will have 90 days following the publication of the tender to submit their own applications.