Greece to Launch Major Oil Quest in July

Posted by Eric Haun
Wednesday, June 25, 2014

Greece will invite major oil companies next month to conduct offshore test drillings, the government said on Wednesday, launching the debt-laden country's most ambitious attempt so far to develop its untapped hydrocarbon potential.

Athens has made several fruitless attempts over the past decades to find big reserves of oil or natural gas. Exploration interest revived during its debt crisis, with the cash-strapped country keen to reduce its big fuel import bill.

Several blocks covering a combined area of more than 200,000 square kilometres in the Ionian Sea and south of the island of Crete are expected to go under the hammer.

Greece has been encouraged in its quest by big offshore natural gas finds in Israel and Cyprus, nearby in the Eastern Mediterranean.

The plan has been code-named "Greece MegaProject" by Petroleum Geo-Services, the Oslo-based firm which completed seismic tests there earlier this year.

Energy Minister Yannis Maniatis will present the tender and PGS's geological findings at a London conference on July 1-2, the ministry said in a statement.

"(Maniatis) and officials will have private meetings with company representatives and investors to clarify special questions," the statement said.

The ministry has described PGS's findings as "encouraging", but Energean Oil & Gas, Greece's only domestic oil producer, doubts that large deposits will be found.

Greece imports almost all its oil and natural gas and spent 15.6 billion euros ($21.2 billion) to buy foreign fuel last year, about 8.6 percent of its gross domestic product.

The "MegaProject" is not Greece's only plan to find oil. Athens earlier this month granted concessions to explore and exploit possible hydrocarbon deposits in three separate on- and offshore areas to groups including Hellenic Petroleum, Energean, Italy's Edison and Ireland's Petroceltic .

Last month, Maniatis separately approved another request by Italian energy major Enel to search for hydrocarbons in another three onshore blocs in the west.

($1 = 0.7355 Euros)

(Reporting by Harry Papachristou, editing by William Hardy)


Offshore

Esvagt Makes Vestdavit MissionEase First Choice for Mission Bay

Norway-based boat system and davit-handling specialist Vestdavit has secured a breakthrough order for its unique MissionEase multi-boat handling solution for mission bays,

DNV GL Backs John Laing on First Offshore Wind Investment

DNV GL successfully completed its due diligence work of the offshore wind farm “Nordergründe” in the North Sea, reviewing and quantifying the technical risks of the project.

GoM Operators Evacuating Ahead of Storm

Offshore oil and gas operators in the Gulf of Mexico are evacuating platforms and rigs in the path of Tropical Depression No. 9.   The Bureau of Safety and Environmental

Energy

Jt Study by MOL, Yokohama University for Improving Ocean Shipping Market Forecast

Mitsui O.S.K. Lines, Ltd. today announced that the company and its subsidiary MOL Information Systems, Ltd. have signed a contract with Yokohama National University

DNV GL Launches New Approach to Manage Uncertainty in Risk Assessment

There is increasing emphasis from regulators on addressing uncertainty in risk assessments to improve safety. DNV GL’s new paper, ‘Enabling confidence – addressing uncertainty in risk assessments’,

Gasum, Wärtsilä Join Forces to develop Gas Value Chain

New joint co-operation between Gasum and Wärtsilä aims to develop the utilization and distribution of natural energy gases in marine and land markets. Gasum,

News

Abu Dhabi Ship Building Commissions First Floating Dock

Abu Dhabi Ship Building PJSC (ADSB) has commissioned its first floating drydock located in Mina Zayed as the company looks to expand its commercial service offering.

NAT Names 2 New Tankers in South Korea

wo new tankers, Nordic Star and Nordic Space, were named August 24 for owner Nordic American Tankers Limited (NAT).   NAT founder and chairman Herbjørn Hansson was present at the naming ceremony,

Wounded Lobsterman Medevaced near Cape Cope

An injured lobsterman was medically evacuated by U.S. Coast Guard helicopter crew Tuesday roughly 130 nautical miles east of Cape Cod.   At about 10:15 a.m.,

Offshore Energy

OSV firm Farstad Continues Restructuring Talks

Supply firm Farstad Shipping's CEO Karl Johan Bakken repeats is in stand-still agreement with lenders until Oct. 1   Notable disclosures: * CEO says is talking

DNV GL Launches New Approach to Manage Uncertainty in Risk Assessment

There is increasing emphasis from regulators on addressing uncertainty in risk assessments to improve safety. DNV GL’s new paper, ‘Enabling confidence – addressing uncertainty in risk assessments’,

Esvagt Makes Vestdavit MissionEase First Choice for Mission Bay

Norway-based boat system and davit-handling specialist Vestdavit has secured a breakthrough order for its unique MissionEase multi-boat handling solution for mission bays,

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1442 sec (7 req/sec)