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Ionian-Crete Hydrocarbon Search Data Almost Complete

Processing of seismic research data for hydrocarbons in the Ionian Sea and south of Crete will be completed by the end of the year, according to environment minister Yiannis Maniatis.

He was speaking at a congress at the foreign ministry organised by the Greek Centre of European Studies and Research (EKEME) ahead of the Greek presidency of the European Commission in January 2014.

Maniatis said processing by Norwegian company PGS was 80 percent complete, and following its full completion would be turned over to a two-month interpretation of the data before a tendering of the sea areas opened for test drilling.

The minister also said that the state's negotiation with bidders for the Ioannina and Patras Gulf hydrocarbon exploration was in its final stage. He said any contracts involving hydrocarbons will be tabled in Parliament for transparency reasons and to protect investors. Greece, he said, is the first country that will apply the new, stricter EU regulations on environmental parameters for sea drilling as it is soon turning the EU directive over to public deliberation.