Greek state receives three bids for hydrocarbons in the Ionian Sea and Cretan Sea

Greek state receives three bids for hydrocarbons in the Ionian Sea and Cretan Sea

Athens, July 15, 2015/ Independent Balkan News Agency

By Spiros Sideris

Three bids were submitted for the exploration and exploitation of hydrocarbons in the Ionian Sea and the southern Cretan Sea, as part of a tender, which, according to the ministry of Reconstruction of Production, Environment and Energy (YPAPEN), “in the current difficult conditions in the oil market, this can be assessed as a positive step forward in the efforts of the country to exploit its underwater wealth”.

The names of the companies, as well as the areas (plots) for which they are interested in, will be announced after the completion of the tenders.

Greek Petroleum officially announced that it will participate in the competition, while the information refers to two other companies of Italian and French interests.

The announcement of YPAPEN:

The applications will be examined according to the provisions of Law. 2289/1995 and the Greek law, in the light of the continuous, thorough and effective investigation to identify oil and gas in the Greek territory and the exploitation of those resources, taking into account the safety, health and environmental protection.

The applicants who meet the technical and economic criteria will be invited to negotiate on the basis of the offered competitive figures, followed by the conclusion of the concession agreement for each region, according to the provisions of the international competition.

The basic direction is to enhance the exploitation and research of hydrocarbons with caution, transparency and the safeguard of public interest, with the aim to maximise the developmental and social benefit.