London event to showcase hydrocarbon blocks

By Chryssa Liaggou

In cooperation with the Greek Embassy in London and the ESCP Europe Business School’s Research Center for Energy Management (RCEM), the government in Athens is preparing a major showcase event in the British capital next week to present the blocks to be conceded for hydrocarbon exploration in the Ionian Sea and south of Crete.

Invitations have been sent to over 500 representatives of oil companies, embassies and energy groups for the “Greece Offshore Licensing Round 2014” event on July 1 and 2, organized by Greece’s Environment and Energy Ministry with the support by the Greek Energy Forum, Natural Gas Europe and the ESCP Europe Business School. Up to a few days ago over 100 had already expressed an interest in attending, a figure which is expected to increase further by the deadline at the end of the month.

At the event Energy Minister Yiannis Maniatis, along with the ministry’s team for the ambitious project headed by Sofia Stamataki, the president of Hellenic Hydrocarbon Resources Management (EDEY), will present the first concessions for survey as well as utilization in Greece since 1996.

Sources have told Kathimerini that this first major round of concessions will include between 12 and 15 blocks. They are based on the interpretation of the seismic data collected by Norwegian company PGS Geo-Services. PGS has confirmed the original estimates concerning some interesting reserves in the Ionian Sea. The blocks are now ready on the map and according to the same sources have been formally recognized by a meeting on Wednesday between Maniatis and Deputy Prime Minister and Foreign Minister Evangelos Venizelos.

Some of the officials involved in the block-defining project described the process of drawing up the final...