According to AMNA from the Environment, Energy and Climate Change ministry, the ministry has overcome all technical-legal hurdles in negotiations with the joint ventures which have been declared preferred investors in the project in the framework of an "open door" tender launched in 2012.
The concession contracts cover the regions of Ioannina and Patras Gulf and will be followed by the region of Katakolo. Hydrocarbon researches had been made in these regions back in the 1990s without success.
According to official estimates, the estimated reserves in the Patras Gulf (underwriter is the joint venture of Hellenic Petroleum-Edison-Petroceltic) are 200 million barrels, in Ioannina (underwriter is the joint venture Energean-Petra) the estimate is for 50-80 million barrels and in Katakolo (underwriter is the joint venture Energean Oil & Gas-Trajan Oil & Gas Ltd/Schlumberger) the estimate is 3.0 million barrels.
The Greek state estimates that revenues from the first two regions would total 11 billion euros in a 25-year period.
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