Parliament ratifies four hydrocarbon concessions

Greek lawmakers ratified on Wednesday evening four contracts for hydrocarbon exploration off Crete and in the Ionian Sea.

Voting for the concessions were MPs of ruling New Democracy, KINAL and Greek Solution, while the main opposition SYRIZA expressed reservations. The Communist Party and MeRA25 voted against them.

The contracts include the sea area designated "Ionian Sea" (Spain-based consortium Repsol Exploracion/Hellenic Petroleum or HELPE); "Block 10 Ionian Sea" in the Gulf of Kyparissia, SW Peloponnese (HELPE); and the maritime areas "West of Crete" and "Southwest of Crete" (consortium of Total, ExxonMobil and HELPE).
Provisions of the contracts for the Cretan and Ionian beds include an 8-year limit on exploration, and a 25-year limit on exploitation. If hydrocarbons are found, the state stands to gain 40 pct of the total investment revenues, broken down as...