Edison in Milan & Greek Officials Talk Hydrocarbon Exploration

Greece's Minister of Environment, Energy and Climate Change, Yiannis Maniatis held a meeting with the management of the Italian energy firm Edison in Milan at the weekend, with the aim of receiving the latter's pledge to participate in hydrocarbon exploration. It was also a great opportunity to present the firm with investment opportunities in electricity and use new infrastructure in natural gas.

While in Italy, Maniatis would also attend the EU energy ministers' council.

The Edison group currently has a significant presence in Greece via Elpedison, which is participating in a consortium with Hellenic Petroleum and Ellaktor and recently obtained a licence to prospect for hydrocarbons in the western Patras Gulf with Hellenic Petroleum and Petroceltic.

Edison CEO Bruno Lescoeur said that he had confirmed in talks with Maniatis the company's commitment to hydrocarbon exploration in Greece, in addition to its existing presence in the electricity market, announcing Edison's participation in a new bid round for exploration concessions and for the IGI and IGB natural gas pipelines being build with the Public Gas Corporation (DEPA).

     "This infrastructure will offer Italy, Greece and the Balkans significant access to the new major reserves of the Eastern Mediterranean. We believe this is a strategic opportunity for all the countries involved and, of course, an opportunity to make the opening of the Southern Corridor faster and more competitive," he added.

The state news agency quoted the Greek Minister as saying that the meeting gave him the opportunity to see the progress in implementing various important initiatives and confirm the Greek government's support for investment plan that Edison is carrying out through established partnerships with large Greek companies.

     "Especially, I underlined to Edison's management the great importance that our government places on the gradual opening of the electricity market and the development of hydrocarbon fields in Greece and the Eastern Mediterranean for the benefit of Greece, the Balkan peninsula and the Italian market," he said.

The minister repeated the Greek government's full commitment to a rapid implementation of the IGB and IGI pipelines.

     "In parallel to promoting development of the East-Med pipeline, IGB is a basic, strategic choice for the Balkans, while IGI Poseidon will secure the export to Italy of new quantities of natural gas from Greece and the Mediterranean, in the framework of free and fully competitive development of new natgas routes," he said.