FINALLY - Rigs Ready For Hydrocarbons in Ionian!

(credit: Wikipedia)

The government is working on overdrive, and from what we learn it is going to soon announce an open door competition that will allow potential investors interested in oil exploration and exploitation in the areas of Ioannina, Patras and Katakolon to strike up their bids.

The process will kick off the future production of hydrocarbons in Greece (following 20 years of complete idleness) and hopefully allow Greece to begin building its way back to development. This is because of two basic reasons: The specific areas might not have the promise of being huge petrol production areas, but nonetheless they bring investor interest with them, create jobs and hence funds for the State. Secondly, the Greek State will slowly begin building its (damaged) image on the international market and in the long-term this will attract possible investors (especially bigger players) in other State privatizations and/or ventures.

A report on defencenet, quoting sources from the Environment Ministry, claimed on Friday that the competition is in its final stage of being developed and officials should be making the relevant announcements within the next two or three weeks.

Following this, a competent 17-member committee will take over and select the bids that meet all the terms and conditions outlined in the competition. After this is completed, the Prime Minister will be briefed, as will the members of the Greek Parliament. It is important to note that the conservative government has maintained from day one that its main goal is complete transparency -at every cost- on such ventures and it is planning to make good on its promise.

The groups vying for the areas noted above already include:

• The consortium of Greek Petroleum, the Italian Edison and the Scottish Melrose company (which has an interest in Patras and Ioannina)
• The Consortia of Energean Oil & Gas (which has successfully already managed active production in Greece in Prino) with Schlumberger, Petra Petroleum (Epirus) and Trajan Oil (Patraikos, Katakolon)
• The Chariot Oil company (Ioannina) which is based in the UK and conducts research activities in Africa
• The Canadian companies Arctic Hunter company KO Enterprises (for Ioannina)
• And Grekoil Energy Ventures (for Katakolon) which is a subsidiary of the Cypriot Comtrack company.

The criteria by which the State will assess bids is based on the technical and financial capacity of the companies. At the same time, the State will examine their experience, the investment projects entailed and how many positions of employment will be generated, as well as their experience in research and research management, production etc.