Greek Parliament Ratifies Hydrocarbon Deals

The Hellenic Parliament recently ratified the first three concessions, granting rights for hydrocarbon exploration and extraction in offshore locations in western Greece. Specifically, this involves the area in Katakolo, Ioannina and the Patras Gulf.

During the parliamentary session, Greek MPs also ratified a fourth contract that modified the existing hydrocarbon exploitation contract in the Thracian Sea, (Northeast of Greece).

Environment, Energy and Climate Change Minister Yiannis Maniatis, who was quoted by Greek press reports as saying that the ratification of these first three concessions were "historic," also sought to address fears concerning environmental safety issues. He noted that a team of experts had been working on a new, stricter European legal framework for offshore drilling platforms, and announced that Greece is going to be the first country to adopt these stricter standards which will obviously be established by EU directives.