The Greek government approved Thursday plans for Crude Oil exploration and drilling in western Greece that could raise up to 25-B Euros in revenues in the next 20 yrs.
The project is promoted in the context of efforts to reduce the country’s heavy dependency on energy imports and solve a severe Greek debt crisis with the assistance of European Union and International Monetary Fund.
“This is the 1st time Greece is doing this, and everything will be conducted with full transparency,” said Environment, Energy and Climate Change Deputy Minister Yannis Maniatis at the end of a Cabinet meeting.
Mr Maniatis announced that the drilling will take place in the Gulf of Patras, the Sea region West of Loannina in Epirus prefecture and Katakolo, off the coast of Peloponnese.
The formal “Open Door” invitation of interest to investors will be issued in January 2012, he added.
It is estimated that 3 regions under review could produce as much as 300-M bbls of Crude Oil over a period of 15-20 yrs that could raise some 15-B Euros for the Greek state and 10-B Euros for investors.
It is not the 1st time Greece decided to allow for drilling in western Greece. In Y 1997 a similar exploration project ended with no concrete results due to “technical reasons.”
This time under an over 350-B Euro debt burden that threatens the EuroZone member country with default since late Y 2009, Athens explores all options to reduce budget deficits and raise revenues.
According to Greek officials, procedures for seismic studies for possible hydrocarbon deposits in South Crete on the Aegean Sea will soon be completed.
The basic priorities of the energy policy amidst the crisis is the security of the supply, the reduction of dependence on energy imports and the tackling of climate change and instability in the international energy market, he explained.
(source: Live Trading News)
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