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)

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

3Si Group Launches Offshore Division

3Si Group, whose global portfolio of marine safety products and services covers commercial, leisure and military markets, has announced the formation of 3Si Offshore,

Rosneft, Gazprom to Receive Four Arctic Fields

Ministry of the Environment sent to the government documents on the transfer of "Rosneft" and "Gazprom" licenses for the development of four more fields on the Arctic shelf,

Edelweiss Now Controls Bharati Shipyard

Edelweiss Asset Reconstruction Company has taken over management control of Bharati Shipyard, says a report in ET.   Edelweiss now controls 70% of the Indian yard’s debts.

Energy

US Oil Drillers Cut Rigs as Crude Prices Collapse

U.S. energy firms cut a surprisingly sharp 13 oil rigs this week, the first drop in seven weeks, as a renewed slump in prices this summer forced drillers to make a second round of cut-backs.

Asia Tankers-VLCC Rates Will See More Volatility

VLCC market to be "hot" in Q4 -VLCC broker. Freight rates for very large crude carriers (VLCCs) face a roller-coaster ride on uncertain cargo volumes and vessel

Rosneft, Gazprom to Receive Four Arctic Fields

Ministry of the Environment sent to the government documents on the transfer of "Rosneft" and "Gazprom" licenses for the development of four more fields on the Arctic shelf,

News

Mississippi River Closed Due to Collision, Spill

A unified command team continues its response Friday to an oil spill in the Mississippi River following a collision between two towboats at mile marker 937 in Paducah

Austal Delivers Final Cape Class Patrol Boat

Cape York, the last of eight new Cape Class Patrol Boats for Australian Border Force (formerly Australian Customs and Border Protection) has been delivered by shipbuilder

HMS Prince of Wales’ Final Carrier Block Delivered

The final sections of the second Queen Elizabeth Class aircraft carrier produced by Cammell Laird arrived at Babcock Rosyth Facilities in Fife on Thursday, September 3,

Offshore Energy

Rosneft, Gazprom to Receive Four Arctic Fields

Ministry of the Environment sent to the government documents on the transfer of "Rosneft" and "Gazprom" licenses for the development of four more fields on the Arctic shelf,

Russia’s Novatek Sells 10% Of Yamal LNG To Chinese Fund

Russia’s second-biggest gas producer Novatek is selling a 9.9 percent stake worth an estimated US$1.4 billion in its Yamal liquefied natural gas (LNG) project

Former CIA Spy Ship Becomes Victim of Oil Slump

A ship built by the CIA for a secret Cold War mission in 1974 to raise a sunken Soviet sub is heading to the scrap yard, a victim of the slide in oil prices.   Christened the Hughes Glomar Explorer,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1464 sec (7 req/sec)