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Energy Ministry Confirms Strong Oil & Gas Interests

Energy Minister Yiannis Maniatis has confirmed that oil and natural gas exploration permits have a stronger interest than predicted.

The Minister stated in Athens: "More than 10 international petroleum companies have expressed interest in the Ionian Sea and south of Crete, which is better than we expected...We now know for sure that there are hydrocarbons in Greece and that exploring for them makes economic sense".

Greece is aiming to source oil and gas reserves to generate profits and alleviate its current recession. The Energy Ministry has claimed that a seismic survey data administered in the southern region of Crete and the Ionian seas, determined that there are viable drilling regions in the nation.

Greece is planning to accept exploration rights licensing offers, for both offshore and onshore drilling. The state is striving to offer a natural gas transit pipeline in the area. Greece also has mineral resources that have been priced at approximately 30 billion euros.

Maniatis described, "A study begun in 2011 on all possible, proven and exploitable reserves will be completed in the next few days and in the coming months we'll issue tenders for exploitation", as reported by Kathimerini.