ECONOMY

Hydrocarbon data are very encouraging

Seismic data on hydrocarbon reserves in Western Greece published by Norwegian company PGS last week are seen as being particularly encouraging and have already attracted the interest of major oil firms.

The area with the highest expectations is that northwest of Paxi island and west of Corfu, in the northern Ionian Sea. It has a rock structure similar to that of Apulia in southern Italy, where oil is already being extracted. The second promising area is at Katakolo, on the western coast of the Peloponnese, which is similar to the Fieri area in southern Albania. Another area of high interest is at Ioannina in Epirus, northwestern Greece, which has similar characteristics to the reserves at Delvina and Kucova, also in southern Albania.

The Norwegian company expects increased activity in the market after Christmas and until mid-2014, by when it will have completed the processing of the data it has collected. To press on with the sale of its data package to oil companies PGS will set up centers in Athens, London, Oslo and Houston. Already France’s Total and Hellenic Petroleum, as well as a third, unnamed company, have bought the PGS data.