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Greece Signs Major Hydrocarbon Contract

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After fifteen years of non activity in the Hellenic hydrocarbons market, drilling will begin after today's Athenian contract signing.

The hydrocarbon sourcing will occur in western and northern Greece, and initially start in Ioannina, the Katakolo coast and the Patraikos Gulf.  The oil agreement's authorization was observed by Deputy Prime Minister and Foreign Minister Evangelos Venizelos, Energy Minister Yiannis Maniatis, British Secretary of State for Energy and Climate Change Edward Davey and Canadian Ambassador to Greece Robert Peck.

The consortium of Energean Oil with Petra Petroleum for Ioannina, the consortium of Hellenic Petroleum with Edison and Petroceltic for the Patraikos Gulf and the consortium of Energean Oil with Trajan Oil & Gas for Katakolo, ratified the contract.

It is predicted that the newly established Greek oil drilling may result in an approximated 250-300 million oil barrels. According to the Energy Ministry, 100 million oil barrels has the potential to equal 6 billion euros, in total, regarding state monetary gains.