Three hydrocarbon exploration contracts signed today
- Written by E.Tsiliopoulos
The government is hailing the signing of the three contracts for hydrocarbon exploration in Ioannina, the Gulf of Patras, and Katakolo, that will take place in the presence of PM Antonis Samaras and government VP Evangelos Venizelos.
The bidding and contestant process for the leasing of the three lots took about 29 months, a lengthy time for such processes, in part due to the lack of infrastructure in such issues on the part of the Greek state.
The contracts have been awarded as follows:
As concerns Ioannina, the consortium of ENERGEAN OIL AND GAS / PETRA PETROLEUM,
For the sea region of the Gulf of Patras the consortium HELLENIC PETROLEUM/ EDISON / PETROCELTIC,
And for the Katakolo region the consortium ENERGEAN OIL AND GAS / TRAJAN OIL & GAS Ltd.
According to the existing legal framework (l.2289/95 concerning prospecting and exploitation of hydrocarbons, and l. 4001/2011) revenues for the state accrue from the following:
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Taxation, 20% (regular) + 5% (regional tax) = 25%
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Rental fees, based on:
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production levels,
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geographical, geological, and other regional characteristics,
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the revenue and expenditure factor (R-Factor).
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