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 November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Energy

Oil is on the Rise

Oil prices rose in early trading on Monday as Asian markets opened strongly into a holiday-shortened week and as consensus spread that Brent crude prices would

Fighting for Ports Escalates in Libya

Military planes loyal to Libya's recognised government attacked on Sunday an opposing force that is seeking to seize the country's two biggest oil ports, officials said.

Security Threat in Yemen Shuts CNOOC's Nexen Facility

CNOOC Ltd's Nexen unit is shutting operations at an oil field and processing facility in Yemen due to a security threat, a Nexen spokeswoman said on Sunday.   The

News

Port Workers in Argentine Grain Hub End Strike

Port workers in part of the Argentine grains hub of Rosario lifted a work stoppage on Friday, only a day after they went on strike over demands for higher year-end bonuses, a union official said.

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

Offshore Energy

DNV GL Targets Safer Approach to Subsea Lifting

The completion of a joint industry project (JIP) to improve existing standards and regulations around subsea lifting operations has resulted in a new recommended practice (RP).

Polarcus Awarded 3D Project Off West Africa

Polarcus Limited has signed a letter of intent with Perenco Oil & Gas Gabon S.A. for a 3D marine seismic acquisition project offshore West Africa.   The project,

Boskalis, VolkerWessels Win Offshore Wind Farm Work

Royal Boskalis Westminster N.V., in partnership with Volker Stevin International (VolkerWessels), has been awarded a contract by Iberdrola Renewables Offshore Deutschland

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Salvage Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1629 sec (6 req/sec)