Greece to Launch Major Oil Quest in July
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.
Enel Applies To Explore For Oil And Gas In Greece
Italy's Enel has sought permission to explore for oil and gas in Greece, the Greek government said on Tuesday. Enel has expressed interest in three onshore areas in the western part of the country, Greece's energy ministry said, adding it would duly decide on the Italian company's application. If permission is granted, Athens will give other oil firms at least 90 days time to submit rival offers for the same areas. Back in 2001, oil companies including Hungary's MOL and Greece's Hellenic Petroleum searched in vain for oil in two of the blocs Enel is currently considering. "Enel Group's decision ... is a vote of confidence in our great national effort to exploit our mineral wealth," Energy Minister Yannis Maniatis said in a statement.
Greece to Assess Pipeline for Cypriot and Israeli Gas
Reuters - Greece launched an international tender on Monday for a study to assess the feasibility of a proposed pipeline to transmit gas from Israel and Cyprus in an effort to reduce dependence on Russian supplies. The Eastern Mediterranean Pipeline is designed to initially carry 8 billion cubic meters a year of Israeli and Cypriot gas. It would stretch from Israel's Leviathan natural gas field to Greece and onto European markets through the IGI-Poseidon pipeline, led by Italian utility Edison and state-controlled Greek utility DEPA. The European Commission has said Cypriot gas could play an important role in diversifying supplies but its development is complicated by the long-standing rift between Cyprus and Turkey. The pipeline would pass through disputed waters.
