Greece to launch hydrocarbon tenders in October

The first contracts are scheduled to be signed in October 2015.

Alexandra Sdoukou, legal advisor and director of Environment, Energy and Climate Change minister's office, presenting the timetable of the tender, said that Greece will offer 20 sea blocks for exploration and exploitation of hydrocarbon deposits. She noted that so far showed there were encouraging signs of significant oil and gas deposits. Investors she said would also be attracted by a transparent and competitive regulatory framework, low taxation (25%) and the country's strategic position "a safe harbor in a turbulent region".

Yiannis Maniatis, Environment, Energy and Climate Change Minister, presented the biggest energy projects currently underway in Greece and said that energy groups were showing great interest in the hydrocarbon tenders. Maniatis also said that a final investment decision on a Greek-Bulgarian natural gas pipeline (IGB) - supported by Greek and Bulgarian governments - was expected to be reached by the end of the year. However he excluded the possibility of seeking shale gas or shale oil fields in Greece.

Energean will participate in a forthcoming tender for hydrocarbon research in the areas of Arta-Preveza, Aetolokarnania and the Northwest Peloponnese. Energean has already signed similar contracts for hydrocarbon research in Ioannina and Katakolo which have been ratified by Greek Parliament.