Petroleum surveys beginning in Western Greece

In the first 15 days of May, our country begins the process of surveying areas to identify hydrocarbon deposits (oil-gas) which will be operated by foreign specialized companies.

The notification has been publicized in Oslo and Stavenger in recent days , by the Deputy Minister of the Environment, Energy and Climate Change, Mr. Yannis Maniatis, while in contact with the Deputy Minister of Petroleum and Energy of Norway, Mr. Per Rune Henriksen, and senior members of the country’s mechanism and companies specialized in the exploration and utilisation of hydrocarbons (Statoil), as well as companies conducting seismic prospecting (TGS and PGS), leaders in the global market.

Over the next few days, the arrival of representatives of Israeli companies is expected in Greece, since they have  demonstrated interest in our country. According to relevant information, at the center of the first phase are areas of Western Greece, namely the Ionian Sea and the Gulf of Patras.

Mr. Maniatis had himself reported the existence of at least “three Prinos” in Greece, from which the country can expect revenue of about 10 to 15 billion U.S. dollars over time.

Within the next fortnight, our country, will proceed with non-exclusive seismic surveys, a recognized international practice used successfully by almost all oil-producing countries of Europe and the Mediterranean.

The process requires niche companies to invest in industry surveys and data obtained is sold to information, research  and production packages for these areas. The budget is allocated to more customers (multi-client surveys).

This process allows the Greek government to explore vast areas of marine space inexpensively and take advantage from partaking of the profits from the distribution of research data license income.

“This procedure will be put to public consultation and then an international invitation will be tendered, taking advantage of the Norwegians’ experience as well as the interest officially expressed by major companies in the industry for the area of the Ionian Sea and the south of Crete”, mentioned the Minister in an official statement.

Note that on behalf of the Greek government, the bill for the establishment and function of the operator, called “Hellenic Hydrocarbon Μanagement Company SA",  has been completed, including the exclusive rights to hydrocarbon exploration and utilisation. In the coming days, a presidential decree is being established whereby the statute of the company’s operation will be formed.

The modernization of law n.2289/1995 concerning the exploration and utilisation of hydrocarbons has also been completed,  the main feature of which is the adoption of strict environmental policies, in compliance with the new guidelines set by the EU after the Gulf of Mexico accident, to ensure sustainable use of natural resources and prevent any environmental pollution.

Similar attention is paid to the legal regulations concerning health and safety measures for workers.