Greece Promises Tax Cut to Attract O&G Majors

Posted By Gabby DelGatto
Tuesday, July 01, 2014
Ionnis Maniatis

Greece is planning to cut tax rates for oil and gas companies as it wants to attract them to help exploit its untapped offshore hydrocarbon resources, its energy minister said on Tuesday.

Under the plan, oil and gas explorers will pay 25 percent tax, down from 40 percent currently, and 5 percent of the tax will go to local communities.

"We have done this in order to incentivize our investors to invest in the future of Greece," Ioannis Maniatis, Greece's Energy Minister, said at a conference in London. He did not say when the new tax rates would come into effect.

Debt-laden Greece, which spent $21.2 billion to import fuel last year, or about 8.6 percent of its gross domestic product, has launched an ambitious program to discover big hydrocarbon reserves. It has been inspired by large gas finds offshore from nearby Israel and Cyprus.

Maniatis also announced the tender of Greece's first large-scale oil and gas exploration licenses after several fruitless attempts over the past decades to make big oil discoveries.

A group of Greek government oil and gas experts was meeting representatives from BP, Shell, Total and ExxonMobil and other oil companies in London on Tuesday and Wednesday, a Greek government source said.

Once the tender is officially published in the coming weeks, oil and gas producers will be able to bid for licenses covering 20 blocks located south of Crete and in the Ionian Sea.

"We will evaluate all the available data regarding the 20 offshore blocks which will be included in Greece's new concession round," said Mathios Rigas, chief executive of Energean Oil & Gas, currently Greece's sole oil producer.

(Reporting by Karolin Schaps; Editing by Susan Fenton)
 

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

Offshore

Cat, Deltamarin Develop Modular FPSO Power Unit

Caterpillar Launches New Modular Solution Developed with Deltamarin for FPSO and Offshore Platform Main Power at 2014 Rio Oil & Gas Expo and Conference Caterpillar

Technip Further Optimizes its Subsea Assets

Technip signed today an agreement to sell 100% of its North American diving assets to Ranger Offshore Inc.(1). Technip’s strategy focuses on high technology

InterMoor UK Completes 2,300 Accident-free Projects

InterMoor UK Operations, part of Acteon’s foundations and moorings business, says it has completed seven years and more than 2,300 projects without a single lost-time incident (LTI).

Finance

Mercury Marine Launches Repower Financing

Mercury Marine launched a new repower finance program that aims to make it easier for consumers to get the engine performance they want with flexible financing for a broad range of buyers.

Maritime Academy Awarded DHS Grant for Arctic Training

Maine Maritime Academy receives $450,000 grant From U.S. Department of Homeland Security for ice navigation and maritime first responder courses for the Arctic Maine

Knightsbridge Closes Vessel Acquisition Transaction

Bermuda-based Knightsbridge Tankers Limited announced that it has closed the first stage of its vessel acquisition transaction. Knightsbridge has issued 31 million

Energy

The Switch to Deliver Full-Power Converter for Floating Power Plant

Vancouver-based Water Wall Turbine Inc. (WWT) has selected The Switch to provide a 500 kW full-power converter for its self-floating power plant. This new system

Maersk Sells Ven Drilling Barges

Danish shipping conglomerate A.P. Moller-Maersk said on Tuesday its offshore oil and gas drilling unit has sold its Venezuelan barge activities. Maersk Drilling

Upcoming Winter Tanker Market Same as Last Year?

Will the 2014/15 winter tanker market be a repeat of the previous one? Poten & Partners consider the question in their latest 'Poten Tanker Opinion'. As the

News

Gladding-Hearn Delivers Third NYPD Boat

With more than a dozen patrol boats and a fireboat built by Gladding-Hearn Shipbuilding, Duclos Corporation, operating in New York Harbor, the Somerset, Mass.,

Cook Joins Horizon Shipbuilding as Operations VP

Horizon Shipbuilding, Inc. announced that Mickey Cook has joined the corporation as the Vice President of Operations for the Bayou La Batre shipyard. Cook, one of the founders of C & G Boatworks,

Update: SS Central America Salvage

Odyssey Marine Exploration completes current phase of SS Central America recovery; 15,500+ gold and silver coins, 45 gold bars recovered to date; 161,000-square meter,

Government Update

China, Sri Lanka to Launch FTA Talks

Chinese President Xi Jinping began a visit to Sri Lanka on Tuesday agreeing to open bilateral negotiations for a free trade pact as Beijing tightened its embrace

Maritime Academy Awarded DHS Grant for Arctic Training

Maine Maritime Academy receives $450,000 grant From U.S. Department of Homeland Security for ice navigation and maritime first responder courses for the Arctic Maine

Haze and Reduced Visibility at Singapore Ports

Due to the presence of haze, the Maritime & Port Authority of Singapore Port Marine in their Notice No.113 of 2014 dated 15 September 2014 have informed the

Offshore Energy

Cat, Deltamarin Develop Modular FPSO Power Unit

Caterpillar Launches New Modular Solution Developed with Deltamarin for FPSO and Offshore Platform Main Power at 2014 Rio Oil & Gas Expo and Conference Caterpillar

The Switch to Deliver Full-Power Converter for Floating Power Plant

Vancouver-based Water Wall Turbine Inc. (WWT) has selected The Switch to provide a 500 kW full-power converter for its self-floating power plant. This new system

Trelleborg Report Optimistic for Port Investment

The latest 'Barometer Report' from Trelleborg's marine operations business sector, discusses the issues impacting ports and terminals around the globe, and reveals

 
 
Maritime Contracts Maritime Standards Navigation Offshore Oil Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.1901 sec (5 req/sec)