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Hydrocarbon Agreements Signed May 14th

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Hellenic Prime Minister Antonis Samaras and Foreign Minister Evangelos Venizelos along with other governmental officials, are scheduled to attend a May 14th event, where agreements will be ratified concerning hydrocarbon activities, analysis, production and extraction in three different sectors.

The contracts will incorporate a 20% common tax rate, with a regional tax set at 5%. The concluding amount of each agreement will rely on elements including geographics, geological issues, production levels, and a revenue-expense ratio.

Financial investors will have to pledge a set level of assets during each phase of analysis, along with a minimum investment amount and letter of guarantee. Each of the three sector's agreement will include a stable tax rate.

As reported by ANA, the Energy Ministry predicts that each hydrocarbon job will create an additional 3.2 fresh full-time positions in the overall Greek economy. The Ministry also forecasted that every added dollar in the sector(s) will generate an approximated 1.3 added dollars, in the comprehensive economy.

ANA listed the Court of Audit's agreements to encompass the below:

1. The joint venture of Energean Oil and Gas/Petra Petroleum will be 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 will be 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 Energean Oil and Gas/Trajan Oil & Gas Ltd. will be the concessionaire for an oil reserve at Katakolo in northwestern Peloponnese, east of Zakynthos island. This is the largest of the three reserves, expected to produce up to 3 million oil barrels.