ECONOMY

Greece’s Energean Oil says submits bid for Greek oil exploration licences

Greece’s sole oil producer, Energean Oil & Gas, has bid for oil exploration licenses in two onshore blocks in the west of Greece, the company said on Friday.

Greece last year invited oil firms to express interest to search for oil and gas in three blocks in the west as part of its drive to develop untapped oil reserves and cut its hefty energy bill revived during the debt crisis.

Energean Oil, 45 percent owned by hedge fund Third Point, already has licenses to search for oil in two other blocks in western Greece.

The deadline for submitting bids expires later on Friday. [Reuters]