Greece Signs Hydrocarbon Exploration Agreements in Three Areas

Greece on Wednesday signed the concession agreements for hydrocarbon explorations in three separate areas of Greece, an investment that could exceed 700 million euros for surveys and the extraction/productions of deposits estimated at 300 million barrels.

According to AMNA, the event was attended by Government Vice-President and Foreign Minister Evangelos Venizelos, Environment Minister Yiannis Maniatis and Deputy Minister Asimakis Papageorgiou, Britain’s Energy Minister Edward Davey and Canada’s ambassador Robert Peck. Prime Minister Antonis Samaras did not attend the event due to unplanned obligations.

The following agreements were signed:

1. The joint venture of Energean Oil and Gas/Petra Petroleum is the concessionaire for a reserve in the land area of Ioannina in northwestern Greece, where up to 100 million oil barrels are expected to be produced.

2. The joint venture of Hellenic Petroleum/Edison/Petroceltic is the concessionaire for an offshore reserve in the Gulf of Patras, at the western exit of the Gulf of Corinth. The reserve is estimated to be able to offer about 200 million oil barrels.

3. The joint venture of Energean Oil and Gas/Trajan Oil & Gas Ltd. is the concessionaire for an oil reserve at Katakolo in northwestern Peloponnese, east of Zakynthos island.

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