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Greece to Name Preferred Bidders for Deep-Sea Oil and Gas Exploration

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According to Greece’s Energy Minister, Panos Skourletis, the evaluation of the bids cast for deep-sea oil and gas exploration in Greece will conclude in the coming weeks and will name the preferred bidders soon after. “We are evaluating three bids made by oil companies whose financial strength, experience and infrastructure ensure they are in a position to successfully perform gas and oil exploration and production,” Skourletis said.
The lowering in prices of crude oil have had a global affect, cutting spending on oil projects and slowing business deals. Even with plunging crude oil prices at new time lows, Skourletis continues to encourage companies to invest in Greece, as the cash-strapped country seeks to tap into its limited oil reserves to generate revenue whilst reducing dependence on oil imports and boost public finances.
It is reported by officials that France’s Total (TOTF.PA) in a consortium with Greece’s biggest oil refiner, Hellenic Petroleum (HEPr.AT), and Italy’s Edison (EDNn.MI) have bid for one offshore gas drilling block in the west of Greece.
Also, Hellenic Petroleum has bid independently for two other drilling blocks in the Ionian Sea.
The sole oil producer in Greece, Energean Oil & Gas, has teamed up with Hellenic Petroleum and Italy’s Edison (EDNn.MI) to explore gas and oil in three onshore and offshore blocks located in western Greece.

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