Impressive Evidence of Hydrocarbon Systems in Peloponnese & Crete

Greece and Crete (Photo credit: Wikipedia)

PGS, the Norwegian company which completed a series of seismic research in the Ionian Sea and the sea region south of Crete, on Wednesday said that although the data from seismic research were still under processing, there were strong evidence of hydrocarbon systems in western Peloponnese as there were “various geological characteristics of the Greek underground and a variety of possible oil potential”.

According to AMNA, presenting its report during an international APPEX Regional 2013 conference in Athens, PGS said that the oil field found in Katakolo in 1981 was proof of a hydrocarbon system in western Peloponnese, while it added that the south region of Crete remained largely unexplored.

The Norwegian company said processing of seismic research data was expected to be completed in early 2014. Under the plan, Greek authorities are going to launch a series of international tenders for the accession of certain regions to oil companies for hydrocarbon exploration.

The APPEX Regional 2013 conference is organized by the American Association of Geologists. Greek Environment, Energy and Climate Change Minister Yiannis Maniatis, addressing the conference said that the conference showed that Greece was entering the big map of energy on a global level.

He invited companies to invest in hydrocarbon explorations in Greece saying that the regulatory framework was compatible with community regulations and noted that Greece was an extremely attractive place for investments with a stable and modern framework”.

The conference brought together more than 150 executives from large oil companies from Europe, Asia and the United States.

Hellenic Petroleum will participate in the next round of tenders in a joint venture with other oil companies, Yiannis Costopoulos, chief executive of Hellenic Petroleum, told the conference. Capital