Yannis Bassias

Greek Prime Minister Alexis Tsipras (c back), US Ambassador Geoffrey Pyatt (r back), French Ambassador Christophe Chantepy (l back), Hellenic Hydrocarbon Resources Management President Yannis Bassias (l front), Hellenic Petroleum General Manager George Alexopoulos (2nd l front), Energy Minister Giorgos Stathakis (3rd l front), Total Group's Vice President for the Caspian & Southern Europe B

The companies looking for oil and gas on land and sea in western Greece will invest 500 million euros in the next 7-8 years, according to the head of the state-owned company that negotiates the exploration licenses.

Hydrocarbon exploration in the Ionian Sea, in the areas of Patra Bay and Katakolo in the Peloponnese, will begin next year.

The announcement was made by Yannis Bassias, the head of Greece's oil and gas resources management company (HHRM), during a conference Tuesday.

Greece's Energy Ministry announced on Tuesday it had selected a consortium made up of Hellenic Petroleum (HELPE), Total and Exxon Mobil to conduct hydrocarbon research off western and northwestern Crete, according to the state-run Athens-Macedonian News Agency (ANA-MPA).

Tenders for offshore oil and gas exploration and exploitation west and south of Greece have attracted "strong interest" from companies exploring in the Mediterranean, the head of Greece's oil and gas resources management company said on Wednesday.

Greece will begin the process of opening up new onshore oil and gas prospects to exploration next year, the chief executive of the country's oil and gas resources management company said on Monday.

May 29 Greece will begin the process of opening up new onshore oil and gas prospects to exploration next year, the chief executive of the country’s oil and gas resources management company said on Monday.