Greece Takes Eight Bids for Oil & Gas

The Greek Ministry for Energy yesterday announced that it had taken eight bids for oil and gas exploration in the Western region of the country.

In a statement on the Ministry website yesterday, it was confirmed that eight companies had submitted bids for three exploration blocks in Western Greece. These are the Ioannina block, the Patraikos Bay block and the Katakolo block.

The bids are spread over 11 companies, including Edison International, Melrose Resources, Petra Petroleum, Schlumberger, Arctic Hunter Energy and Chariot Oil and Gas.

"The eight bids for the concession rights to explore and exploit hydrocarbons in three areas in western Greece shows that the interest in our country is great," Minister for Environment, Energy and Climate, Evangelos Livieratos said in the statement. "It is important that Greece gets back on the energy map at a time when the energy sector represents a great hope for the national economy.

"At the same time the interest from around the world in the process shows that the effort is recognized in Greece and confidence is restored gradually. Our country can attract new investment, create jobs, strengthen its geostrategic position and competitiveness in order to be able to get out of the crisis."

Greece, which in recent times has faced struggles in energy, has faced threats of blackouts due to payment issues from national gas company DEPA. The country is heavily reliant on gas imports to meet its energy needs, with the majority of its gas and oil imported from several other countries.