Legal changes to boost oil research

Oil rigs may soon be more common in the Aegean, once the Development Ministry moves ahead with plans to improve the legal framework concerning oil research and exploration. The ministry said yesterday it plans to increase incentives to investors looking for oil in Greek waters, while also cutting down on bureaucratic procedures. The changes will help bring Greek laws into line with EU regulations. ‘Our goal is to create a new institutional framework for research and drilling of hydrocarbons so that Greece covers lost ground in comparison with other countries and adjusts to the international environment,’ Development Minister Costis Hatzidakis told reporters yesterday. The changes are expected to be voted in by Parliament by year’s end, he added.

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